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Venezuela to increase social spending despite slowdown Printer friendly page Print This
By Staff Writers, teleSUR
teleSUR
Thursday, Jan 22, 2015

Venezuela's President Nicolas Maduro delivers his annual State of the Nation address at the National Assembly in Caracas Jan. 21, 2015. | Photo: Reuters

President Nicolas Maduro emphasized the gains made in the country through social spending and announced changes to the currency exchange system.

President Nicolas Maduro announced numerous economic and social initiatives to the Venezuelan people during his annual address to the nation Wednesday.

Thousands gathered outside of the National Assembly in downtown Caracas as Maduro spoke on a wide range of issues, addressing challenges and achievements in 2014, as well as plans for 2015.

The Venezuelan leader emphasized new economic measures to address the drop in global oil prices, as well as inflation and the Economic War within the country. Among the reforms announced in the economic package include changes to the country’s currency system, which will fix the official exchange rate at 6.3 bolivares to the dollar, and subject other non-state transactions to a floating market rate.


He emphasized the need to maintain and increase the social investments that have been the cornerstones of the Bolivarian Revolution.

“2015 is the year of victory and economic renovation, I ask everyone who believes in prosperity to support these efforts,” Maduro said.


During his speech, Maduro highlighted the government’s achievements in redistributing wealth to the nation’s social services, which meet Venezuelans’ fundamental needs. During the 15 years the country has been undergoing its “Bolivarian Revolution,” the government has on average invested 60 percent of its budget in social services, which Maduro says he intends to maintain despite economic challenges.

The former trade union leader added that as well as maintaining social services, the country’s economic plan will ensure better education provisions; he has approved funding for more university scholarships, pensions, and homes.

Maduro has overseen a 15 percent increase in salary for workers and pensions; the leader said Venezuelans have experienced 28 salary increases since the start of the Revolution, maintaining it at or above inflation.

“We invested six times more in education, 21 times more in social security, nine times in healthcare, nine times in development and popular power (communes, federal councils, among others), six times in housing, eight times in culture, and 10 times in science and technology,” Maduro said, listing these achievements among many others.

The Venezuelan head of state also reiterated calls for peace and dialogue, even as opposition leaders continue to call for destabilization demonstrations. Venezuela is coming up on a year since last February’s violent rioting and street blockades by the right-wing opposition – now referred to as “guarimbas” – which resulted in the deaths of 43 people across the country.

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