Venezuela’s consumer inflation, already the world’s highest, will more than double this year surging to 720% in 2016 from 275% last year, according to a note published by the IMF’s Western Hemisphere Director, Alejandro Werner.
Venezuela sank deeper into a messy political crisis Tuesday as the opposition-controlled National Assembly suspended its session after the Supreme Court declared it null and void. Speaking before a nearly empty chamber, speaker Henry Ramos Allup, a fierce opponent of President Nicolas Maduro, declared the National Assembly lacked a quorum and would reconvene Wednesday morning.
Venezuela headed into ever more complicated political waters on Monday as the Supreme Court declared the newly opposition-controlled legislature null and void and the opposition vowed to continue defying the judges.
Venezuela said the opposition coalition MUD has won a two-thirds super majority in the country’s legislature, a major victory in Sunday’s elections.
Venezuela's fragile opposition coalition which managed to come together to achieve victory over the Chavista government on Sunday, now faces the test of trying to stick together and use its newly won congressional authority to address the country’s deep economic problems and political rifts.
Venezuela's opposition won control of the National Assembly by a landslide, delivering a major setback to the ruling party and altering the balance of power after almost 17 years of populist rule.
Venezuelan President Nicolas Maduro said Thursday the fatal shooting of an opposition leader appeared to be a gangland score-settling dismissing claim it was politically motivated ahead of elections. An attacker shot Luis Manuel Diaz dead on Wednesday evening in the central Guarico region at a campaign rally for the December 6 legislative elections, party officials said, ratcheting up fears that violence could erupt in the lead-up to the polls.
The Organization of American States (OAS), secretary general Luis Almagro condemned the killing in Venezuela of an opposition leader during a political rally ahead of the 6 December legislative election, and called for an immediate end to violence in the country.
Venezuela's largest food distributor on Thursday denounced the government occupation of a Caracas warehouse amid accusations that the company is hoarding goods. Soldiers took over the warehouse complex used by Empresas Polar late Wednesday just as Venezuela's federation of brewers announced that Polar's beer manufacturing subsidiary is shutting two of its six plants because of a lack of imported barley.
Venezuela's parliament has granted President Nicolas Maduro decree powers for the rest of 2015 in a move he says is to defend the country from US meddling but opponents decry as evidence of autocracy. In a noisy National Assembly session, ruling Socialist Party legislators, who have a majority, applauded the Enabling Law as a legitimate response to a US declaration that Venezuela is a security threat and sanctions on seven officials.