The Key to Growth is Credit Democratization: President Maduro
Venezuelan President Nicolas Maduro, July 13, 2024. Photo: X/ @UNoticias
July 15, 2024 Hour: 2:54 pm
During a meeting with businessmen, he confirmed that the new economic model will continues to enhance domestic production.
On Saturday, Venezuelan President Nicolas Maduro had a meeting with businesswomen and businessmen as part of the National Productive Economy Council, which took place at the Bolivar Square Convention Center in La Carlota.
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During this meeting, the Bolivarian leader presented some aspects of a new production model that he will implement if he wins the July 28 elections, in which 10 presidential candidates from all ideological tendencies are competing.
“We will make our economy more powerful in the years to come,” he said and announced the elimination of the Tax on Large Financial Transactions (IGTF), which is applied to operations in local currency.
“I am signing the decree to eliminate ipso facto the IGTF 2 percent. We are already in a position to do so,” Maduro said, adding that his administration will focus on increasing efficiency in collecting existing taxes.
Previously, the Venezuelan president announced that tax collection in the first half of the year had grown by 105 percent compared to the same period in 2023.
“In June, tax collection increased by 164 percent, we had the lowest inflation in 39 years, and an economic growth of 8 percent. Yes, it is possible to grow and invest. Yes, it is possible to achieve a virtuous cycle of production, distribution, and social investment,” he added.
Maduro criticized the old “rentier” economic model dependent on oil, which made Venezuelan productive structures dependent on imports. As part of his new economic program, the country is expected to grow by 4.2 percent this year. “The key to growth is the democratization of credit,” he pointed out.
In the first half of 2024, the Bank of Venezuela granted 659,000 credits for commercial and productive activities, Maduro recalled, highlighting that the default rate among entrepreneurs is just 0.1 percent. The Venezuelan government has also granted 14,541 credits for entrepreneurs, the Credimujer program has granted 166,677 credits, and the Credijoven program has granted another 124,274 credits.
At the event with the Bolivarian leader, there were 700 companies that work in activities such as food, textiles, appliances, technology, and toys. Representatives of the Socialist Cement Corporation and the National Institute for the Development of Small and Medium Industries (Inapymi) were also present.
Autor: teleSUR/ JF
Fuente: Letra P
