HomeEconomyDelcy Rodríguez estimates de-dollarization as the key to shoring up credit

Delcy Rodríguez estimates de-dollarization as the key to shoring up credit

Rodríguez reported that the economy has grown 87% in the first quarter of the year and it is estimated that inflation will be less than 50% at the end of 2024

In the opinion of the Executive Vice President, “de-dollarizing” the economy will increase credit and improve industrial competitiveness, she said during the inauguration of the Expo Fedeindustria 2024, which takes place at the Eurobuilding Hotel in Caracas.

“Dedollarization is effective because we all win there, because they will have monetary policy, and easier credit policy, they will have control, and not that gap,” he told the businessmen gathered during the exhibition.

On the other hand, Rodríguez highlighted that the Venezuelan economy has grown by 87% during the first four months of 2024, a product of the Economic Recovery Program emanating from the National Government.

The economic recovery plan presented by President Nicolas Maduro in 2018 has brought positive results. “We have grown 81% in the last year, there is the recovery of credit, expressed last year at 1.690 million dollars, more is missing. “This impulse must go directly to production to recover the capabilities of companies and industries,” he stated.

Bank credit “has been recovering to a figure of 1.690 million dollars. There is more to do, but this push must go directly to production, to recover the capacities of the industries,” indicated the vice president.

To give an example of the positive evolution of financing, Rodríguez highlighted the Agricultural Exchange, which restarted its activities with a volume of 2,1 million dollars and currently that amount has risen to 281 million dollars.

Soon, President Nicolás Maduro will give good news to the country about economic growth, the Gross Domestic Product (GDP) and the growth of digital commerce,” he said.

He also reported that "in 2019, Venezuela's annual inflation reached 344.000% and in 2023 it stood at 189% and we are already projecting less than 2024% for 50."

Own model

Rodríguez highlighted the effort and sacrifice of the Venezuelan people, of all sectors, both companies, productive sectors and workers, the construction of a new economic model, its own path, of economic recovery, for growth within the framework of the economic block that is He raged against Venezuela.

He recalled that those who called for the blockade in 2015 said that it would only affect the rulers and they deceived the people and that they were coming against all sectors of the country, bankers, businessmen, workers, by having excluded the country from the Suift system, controlled hegemonically from the US. .

“Venezuela was determined to seek its new paths and it was in 2018 when President Maduro presented this economic recovery program that had different aspects to diversify the economy not dependent on oil income and we have been marking this path for 6 years, and it has brought positive results, model designed to face and navigate a blocked economy. We have been creative and we are already seeing the results, we have a long way to go,” said the also Minister of Economy and Finance.

Rodríguez referred to the results of the Industrial Situation Survey corresponding to the I quarter of 2024 presented by Conindustria and assured businessmen that the Government is willing to review the tax policy to stimulate national production.

He insisted that presidential “announcements” will soon come in line with the proposals made by Conindustria during its participation in assemblies of the 7 transformations and with respect to the country's economic growth.

According to the Conindustria report, companies allocate, on average, 80% of their profits to paying taxes, which leaves little room for other aspects, such as investments, acquisition of equipment, salaries and profits.

The president of Fedeindustria, Orlando Camacho, accompanied the senior official along with the sectoral vice president of economy, José Félix Rivas Alvarado, and the minister for commerce, Luis Villegas.

More than 100 companies from different economic sectors, such as footwear, metalworking, food, pharmaceuticals and more, meet in a thousand square meters of exhibition, where they show the best of national production.

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