Maduro Acknowledges Self-Indictment in Venezuela's Severe Economic Crisis

Venezuelan President Nicolás Maduro has acknowledged his responsibility for the country's severe economic crisis, which has the largest oil reserves in the world. "The productive models we have tried so far have failed and the responsibility lies with us, it is mine, we must strengthen our economic power," said Maduro, at the Fourth Congress of the United Socialist Party of Venezuela ( PSUV), during which he was again named president of the party.

Although the country has enormous natural resources, Venezuela is experiencing a serious economic crisis. is resulting in a shortage of staple foods and medicines, the deterioration of public services and a very high inflation, which the International Monetary Fund estimates at the end of the year will reach 1000000% of here 2018.

The Venezuelan government attributes poor economic performance because of a US-led war, but now it's Maduro himself asking his ministers to stop whining.

"This imperialism is not" Venezuela has everything to be a power in the context of Latin America, "he added, calling for an increase in oil production in the country for six months, millions of barrels a day. "Breaking the dependence on oil does not mean that we will not develop the oil industry at the highest level," he said.

According to the last Report of the Organization of Petroleum Exporting Countries (OPEC), Venezuela extracts only 1.39 million barrels per day.In order to cope with the crisis, the Venezuelan president announced last week that it would eliminate five zeros in the bolivar.

The bolivar sovereign, the substitute of the strong bolivar, was announced in March and should have come into force in June According to the Venezuelan leader, the new currency will be indexed on the petro, the Venezuelan crypto currency, "to stabilize and cha to change the monetary life of the country in a more radical way. "

Maduro explained that he would send a decree to the Assembly (19659002) As part of the stabilization measures of the country. economy, Maduro has signed a tax-free decree, for example, a year, imports of certain raw materials, consumables, materials for agro-industry, spare parts, equipment and manufactured goods.