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November 29, 2018 22:01
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Updated on November 29, 2018 22:01
José Guerra, economist and member of the National Assembly (NA), said Thursday that the increase in the minimum wage announced by Nicolás Maduro, sixth in 2018, is a fiscal expansion that will worsen the hyperinflationary spiral to which the Venezuela is facing.
"The measures announced by Maduro constitute a fiscal expansion for the Venezuelan state, all of which give an idea of the extremely high inflation potential, the consequences of which will be appreciated in December and the following months," Guerra told reporters. The national web.
The economist commented that despite the president's promise to reduce the budget deficit to zero, the granting of new obligations – which are not budgeted – would result in a significant increase in the negative financial gap of the Venezuela.
"The money that Maduro intends to spend does not figure in the country's budget, which will increase Venezuela's budget deficit." What comes is the "candela" from the inflationary point of view ", did he declare.
Guerra said that despite the 150% increase in the minimum wage and new obligations, these decisions will have no positive impact on the pocket of the Venezuelan people because inflation will devour them.
"The Maduro commercials will have no impact on the pockets of Venezuelans as they will become salt and water," he said.
The deputy added that if the issuance of inorganic money by the Central Bank of Venezuela (BCV) continued, the projected inflation of 10 000 000% provided by the International Monetary Fund (IMF) for Venezuela at the end of the year would be far exceeded.
"If public funds are still financed with BCV funds, we will exceed the projected IMF inflation figures for Venezuela," he added.
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