President Nicolas Maduro Meets with Representatives of Banking, Insurance and Finnance

President Maduro Accompained by the Vice-President Delcy Rodriguez, Aug 29, 2024 Photo: Prensa Presidencial

August 29, 2024 Hour: 7:35 pm

During a meeting with representatives of the banking, insurance and securities sector held on Thursday, the president of Venezuela, Nicolás Maduro, stressed the transition of the country towards a new geopolitical and economic model.

At the meeting, the President of Venezuela reaffirmed his country’s commitment to the formation of a new multipolar world order and stressed the importance of the BRICS (Brazil, Russia, India, China and South Africa) as a strategic route for Venezuela’s economic future.

Maduro emphasized the need to align with the BRICS, noting that Venezuela has a vocation of a new global geopolitics, but not only a new geopolitics. Because a multipolar world has emerged, we have a new global geoeconomy because a new global economy has emerged.»

He also added: «Today the economic power blocks are no longer where they were before, and this is an irreversible trend in the economic history of humanity of the 21st century».

In addition to the geopolitical orientation, President Maduro addressed the domestic economic situation, highlighting progress in controlling hyperinflation and strengthening the internal market.

According to official data cited by the head of state, domestic consumption growth reached 8.99% in the first half of the year.

The Venezuelan president said that «hyperinflation has been overcome and there is still very good news about the control of this phenomenon».

He also stressed that «we have a fairly strong, robust domestic market today», attributing this achievement to a significant growth in national production and the supply of essential products, which has reached 97% coverage at the national level.

The President also noted the importance of further improving workers’ wages and incomes to sustain and expand these gains, stating that «we have created a system of income and social protection which makes millions of men and women in this country have access to the consumption of their vital elements».

Finally, Maduro reiterated that despite the challenges, Venezuela maintains a clear orientation towards strengthening its economy and its integration with the BRICS, seeing in this group a «vocation of work» that will allow the country to achieve a prosperous and sustainable future.