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News > Venezuela

Venezuela Loses 99 Percent of Its Income Due To US Sanctions

  • President Nicolas Maduro meets journalists, Caracas, Venezuela, Dec. 3, 2020.

    President Nicolas Maduro meets journalists, Caracas, Venezuela, Dec. 3, 2020. | Photo: Twitter/ @PresidencialVE

Published 4 December 2020

Despite the damage caused by the U.S. blockade, the Bolivarian government keeps the social programs running.

Venezuela's President Nicolas Maduro held a meeting with journalists on Thursday at the Miraflores Palace, where he denounced that the U.S. arbitrary sanctions have caused a loss of 99 percent in the country's income. 


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He noted that despite losses in several economic sectors, investments in health, education, and housing have been maintained.

The sanctions have also impacted the wages received by workers, so a strategy was outlined for their recovery in the first half of 2021.

Meanwhile, in a bid to protect the economic sector, a decision was taken to combine the national currency with crypto monies and other currencies.

The meme reads, "Beautiful reception with music, songs, and the joy of all our people who flocked to fill the streets of Caracas to support the candidates of the Bolivarian Revolution. With the Great Patriotic Pole, Let's Rescue the National Assembly."

Referring to the Anti-Blockade Law, Vice President Delcy Rodriguez pointed out that new markets and ships are being sought in order to achieve "a recovery of the oil output".

Venezuelan authorities advocated a consensus in order to achieve stability to the energy markets, following the conclusion of the 12th OPEC and non-OPEC Ministerial Meeting (ONOMM) held via videoconference on Thursday.

"We are working hard to maintain all the Missions and large Missions, health, education, housing, to maintain the level of employment," Maduro said.

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