Nicolas Maduro: Venezuela Income has Fallen 98.6%

This was stated by the president himself, by delivering a report full of economic data that reveals the ruin in which the country is.

Venezuela receives 98.6% less income than in 2013, the year in which Nicolas Maduro became president, according to the president himself explained this Tuesday during his annual message, a report full of economic data that reveals the ruin in which the country.

“We went from having more than 50,000 billion dollars  in 2013 to having only 743 million in 2020,” said the president before the National Assembly (AN, Parliament), with a strong pro-government majority.

In his accountability for the exercise of power in 2020, the president also admitted that unemployment and poverty grew, although the margins presented are much lower than the non-governmental estimates, according to which the vast majority of Venezuelans live in the misery.

Maduro also acknowledged that the pumping of the state oil company PDVSA fell by 69% between 2015 and 2019, a phenomenon that led the Caribbean country to lose revenues in the order of 102.5 billion dollars.

The president presented a graph in which he assured that by March 2015 Venezuela was producing 2,817,000 barrels of oil per day. He did not indicate how many barrels per day PDVSA currently produces, but he did indicate that the country stopped pumping more than 2,153 million barrels of crude “for refining and export.”

According to data from the Organization of the Petroleum Exporting Countries (OPEC), which cites secondary sources, the country pumped 339,000 barrels of crude daily last August.

Referring to the international sanctions that have been imposed on Venezuela in recent years, Maduro assured that these “have not only affected the State and the nation” but also “have disturbed the operations of many local and foreign companies.”

“The unhinged policy of US PresidentDonald Trump towards Venezuela has inflicted enormous damage to numerous foreign companies that did business with and in Venezuela, companies in the oil sector, bondholders, investors, industries, among others,” he said. .

He stressed that the restrictive measures, especially those issued from Washington, put an end to Venezuela’s ability to pay, which has accumulated a three-year suspension of payments, something that has affected holders of Venezuelan foreign debt, most of whom are Americans, who “have lost 77,000 million dollars “these years.

“These and not others are the reasons for the brutal economic contraction of this period,” he remarked, alluding to the almost 30 consecutive quarters of decline accumulated by the Gross Domestic Product (GDP) so far.

“General poverty by 17% and extreme poverty by 4%, if the needs for housing, health, education, etc. are involved,” continued the president, to later clarify that the results of these indicators in 2020 not yet available.

These data contrast with those of the National Survey of Living Conditions (Encovi), carried out by the most important universities in the country, and which placed the indicator for that year at 96% poverty in general and 79.3% extreme.

Unemployment, for its part, was 8.8%, two points higher compared to 2019. In addition, Maduro explained, there has also been “a reduction in formal work from 59.3% to 56.1%, and (a growth) of informal work from 40.7% to 43.9% “.

According to him, these are “wounds” that “force” the Government to multiply the forms of protection for families through bonuses since, as he recognized, the minimum wage that Venezuelans receive does not correspond to economic reality. According to the exchange rate of the Central Bank of Venezuela (BCV), the monthly minimum wage is less than one dollar.

Apart from the economic data, Maduro congratulated himself for more than an hour for the handling he has given to the covid-19 pandemic in the country,

“We were the first country in the world and I was the first president in the world to put on a face mask.  That has been one of our best weapons in this battle we have fought,” he said.

The president also highlighted the “success” of the method he has applied to “energize” the economy in the midst of the pandemic and which he has called “7 + 7”, a system that he plans to propose to the World Health Organization ( WHO) to be replicated around the world.

To conclude, he announced that “very soon” 10 million doses of the Russian Sputnik V vaccine will arrive in Venezuela to prevent the coronavirus, a pandemic that has left 117,299 infections and 1,078 deaths in more than 300 days.