The Supreme court of Venezuela recognized the decree of the President nicolás Maduro the emergency economic situation throughout the country for a period of 60 days, the Agency Notimex.
Thus, the decree is deemed to have come into effect from January 14. Previously, the Venezuelan Parliament, which is in opposition to the current government, refused to approve a decree Maduro.
However, the Supreme court admitted the wrong actions of Parliament. Maduro said after the decision: «the Supreme court said the Holy words, this decision must obey all sectors of the country and all institutions, I don’t need the show» (quoted by RIA «Novosti»).
The President promised that in the next few days will take a number of actions to benefit the nation in the development of the court. Under the law of Venezuela the state of emergency is declared at a time when the conventional measures do not help to solve the emerging crisis situation. The announcement of such a provision gives an opportunity to expand presidential powers and limit constitutional guarantees.
The government, in particular, can facilitate the process of exchange, to speed up the import of necessary products, and also to allocate additional funds from the budget for health, education and other social spheres. In addition, the authorities can «require private and public companies to increase production to supply certain goods».
The economic situation in Venezuela has become critical amid shortages, galloping inflation and falling government revenues due to a decline in oil prices, as well as the institutional crisis between the Executive and legislative branches of government after the start of the opposition of Parliament.
The Supreme court of Venezuela recognized the decree about state of emergency in the economy 12.02.2016