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News > Latin America

Venezuelan Recovery Program Achieves Fiscal and Tax Balance

  • President Nicolas Maduro

    President Nicolas Maduro | Photo: VTV

Published 20 September 2018

Venezuela has achieved the goal of zero emission of inorganic money.

Venezuela has achieved the goal of zero emission of inorganic money and has collected a total of 4.6 billion sovereign bolivars, representing 35% of this year's tax collection, within 30 days of the implementation of the Economic Recovery, Growth and Prosperity program.

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The information was released on Thursday by the President of the Bolivarian Republic of Venezuela, Nicolás Maduro, from the Miraflores Palace, where he led a meeting with his economic team. He described the achievements as "a virtuous tax and tributary balance" reached in the first wave of the program to create a new equilibrium from the economy "martyred, assaulted and affected" by the economic war and the unilateral sanctions that have hovered over the country.

The head of state said that in the course of this week, the first fiscal line has advanced in ways that had not been achieved in 5 years. "The sovereign bolivars that are circulating in the country are based on national wealth and the collection of taxes."

He added that among other benefits, the Economic Recovery Program has managed to get money circulating out of the economy and therefore working against inflation in the country, resources that then enter state coffers to invest in education, housing and health.

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