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President Maduro Highlights Measures to Strengthen the Venezuelan Economy

Venezuelan President Nicolas Maduro has predicted an increase in the income of foreign exchange to the country, due to the potential of the Venezuelan economy and its flexible exchange system, allowing new investments and paybacks by economic actors.

"We have opened the floodgates for the entry of new sources of income for the country: This year rates will enter for other activities, because we have relaxed the possibility of foreign exchange to the country," he said.

In an interview he gave last Friday, March 28th  in Caracas to the Brazilian newspaper Folha de Sao Paulo , the President highlighted the positive effect of the adjustment in the food supply and the activation of incentives for productive sectors.

"Venezuela has a national economic model, an economic model managed and led for the creation of national wealth to deliver and construct a new social model ," he said.

He explained that during the Bolivarian Revolution, the country has taken a leap in economic growth: " In 1999 the GDP was 90,000 million: Today goes well above the 400,000 million dollars," he said .

At this stage " we have been diversifying the productive capacity of the oil industry. Today the oil industry is at peak production levels according to the limits imposed on us by OPEC (The Organization of Petroleum Exporting Countries). "

Massive Social Investment

President Maduro announced that the countercyclical plan is progressing to refocus and increase social investment, for which 120,000 million bolivars (19,000 million) for the construction of road infrastructure, hospitals and education has already been approved in the first quarter of this year.

He assured that the investment plan of great works continues pushing the real economy to move and impact the social life of the country , and criticized the hoarding of commodities that the country has suffered in recent months and which has directly affected the failure supplies that have been recorded.

He differentiated between grabbing for smuggling and hoarding for speculation, and said that 40% of domestic production was moving as contraband to Colombia.

The President noted that between November and January the authorities launched a comprehensive inspection and fiscal control process in 6000 different local areas, finding a speculative phenomenon which in many cases amounted to 1 % in both domestic and imported products.

He said the Government is working hard on the acceleration of an economic recovery, as evidenced by legal regulations, decisions, actions and approaches, through the Economic Peace Conference, with representatives of public and private companies, to plan initiatives that enable us to have economic and productive capacity.

Presidential Press / Press-Venezuelan Embassy to the U.S. / April 1, 2014

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