HomeEconomyTax collection exceeded 150% in May

Tax collection exceeded 150% in May

“In May, tax collection exceeded 150% compared to the same period in 2023,” which is converted into money to invest in social plans for the people,” said President Nicolás Maduro during the meeting held with the National Campaign Command “Venezuela Nuestra Del Siglo XXI” and more than 15 thousand Ubch in the country.

The President insisted that his government managed to escape the attacks of imperialism through sanctions and unilateral coercive measures aimed at destroying the country's economy and affecting the people through the creation of the new economic system whose pillars are the 18 productive engines of the country.

He highlighted that annualized inflation in February 2019, induced by the economic war, reached 344.510%. “Venezuela closed May 2024 with annualized inflation of 59,2%,” she said. Monthly inflation in May 2024 was 1,5%, “the lowest since 2004,” she noted.

“We managed to defeat hyperinflation, we defeated the parallel dollar and we have a totally new, robust exchange system, even when the petty opposition does not want to recognize it, we achieved it,” said the president and summarized the stages of the country's economic recovery.

"We achieved the formula of a new system for Future Venezuela, based on productive work, correct public policies, dialogue with the productive sectors, thus managing to recover the supply with quality products made in Venezuela," he highlighted.

He reported that bank credit has grown by 81% and that more than 2.000 million dollars have been traded through the agricultural exchange, created as a financing mechanism for production.

He added that the loan portfolio of the Bank of Venezuela has grown by 94% and stressed that this banking entity, “is the main one in the country and will not be privatized,” he stated.

From the BDV the following have been delivered:

  • 9.497 loans to entrepreneurs (Emprende BDV).
  • 69.214 loans to women (where the BDV has the record of having granted 94% of the loans to women in the entire system with Credimujer BVD).
  • 34.442 loans to young people. (Credidoven).

Likewise, he made reference to the so-called default factor in banking: “you give 100 loans and there you measure how many pay on time. “Credit delinquencies are at 0,1%,” he said. 

“We have learned the health of the economy by hand, with the best economic advisors in the world, they are here silent, working. I have the reins of the economy in my hands and they are not going to take them away.”

 He assured that 76% of businessmen think that they are going to show or expand their investments in the coming years and that 57% recognize that the country is better. 

“We have a new healthy economy, a diversified model, and we have a country project, and a great team. And what is coming is better,” she expressed.

“The true independence of this 21st century is economic,” stated the Head of State Nicolás Maduro, maintaining: “We are achieving it, defeating the economic war, the sanctions and advancing in our own production, our own efforts, true independence.”

Finally, he recalled that ECLAC and the IMF highlighted that Venezuela is the country with the highest growth in South America in 2024, registering 4%.

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