The president of the National Constituent Assembly (ANC) and vice-president of the Partido Socialista Unido de Venezuela (PSUV), Diosdado Cabello, declared July 30th that the ANC could extend its term for up to four more years in order to achieve its objective of ending the “economic war”. On the same day, Venezuelan President Nicolás Maduro said it would take two years to achieve a “highly stable” recovery of the country’s economy.

In commemorative events marking the first anniversary of the election of ANC members, Cabello said that the goal of pacifying and stabilising the country, which was set in 2017, was successfully accomplished. Therefore, ANC must now tackle the serious economic situation Venezuela is undergoing. In order to do that, the public official stated that the institution should prolong its term for “two, three, four more years”, way beyond August 2019, the original date for leaving office.

On the other hand, during the IV Congress of the PSUV, President Nicolás Maduro, estimated that it would take two years to stabilize the country’s economy and “see the first signs of new prosperity”. This statement is complemented by the measures announced last week by Maduro, including the postponement of monetary conversion and the reduction of five zeros to the new monetary cone.

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