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President Maduro admits: ‘We have failed’

The president of Venezuela, Nicolas Maduro has admitted that the production model, that its government was set up, ‘failed’. That he understood during the congress of his party, PSUV. Venezuela currently has to deal with hyperinflation and is already four years into a recession.

“The production models that we have tested, have failed. And the responsibility for this lies with us, with you and with me, ” she said.

“Enough whined’

The president wore his ministers to the poor economic condition of the country no longer slide on the attacks of imperialism’. “There is enough whined. You will not see me whine about imperialism. She shows us but attacks. It is up to us to act, with or without aggression (of imperialism).’

Venezuela has large parts of the economy were nationalized, and has hundreds of companies expropriated. But the approach of the government has the economy of the oil-rich country towards precipice driven. The International monetary fund (IMF) expects for this year an inflation of a million percent and a decrease of gnp with eighteen percent. The Venezuelan central bank, for some years, no inflation – or conjunctuurcijfers more freely.

“I think it was around two years to return to stability, and to be the first to see signs of new economic prosperity without compromising social protection”, said Maduro.

One of the measures that the economy get back on its need to help, is boosting oil production to 6 million barrels per day by 2025. Currently, production is at a million and a half barrels per day, the lowest level in thirty years.

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