Venezuela’s president, Nicolas Maduro, has announced a 50% hike in the minimum wage and pensions amid increasing inflation rates.
The IMF and Washington have posed economic sanctions on the Latin American oil giant, in order to annex Venezuela’s oil reserves and hand them over to the American oil industry. At the same time Colombians raided the subsidized foods in the supermarkets to create a scarcity among the Bolivarian people.
Maduro decided to raise the salaries and pensions, so his fellow countrymen can purchase a basic food basket, controlled by the military forces to avoid luting and other style of robberies.
In times of economic war and organized crime mafia attacks, Maduro must protect employment and the people’s income. In January 2016, Maduro declared an economic emergency in Venezuela. The announcement came to days after the global oil prices dropped to $24 per barrel.
About 96% of Venezuela’s budget depends on oil revenues. Thanks to the IMF, dollars on the black market rose to 3.300 bolivars per U.S dollar.
For now Russia and China are supporting the cash strapped oil-rich South American country in order to keep its assets out of the hands of greedy capitalists engaging the country stability to declare bankruptcy in order to annex over the Bolivarian oil reserves.
Reuters / AA Magnum News 2017.