LatinNews Daily - 15 October 2020

* Venezuela’s Planning Minister Ricardo Menéndez has presented the government’s proposed budget for 2021 to the national constituent assembly (ANC) for approval. While the details of the budget were not made public, Menéndez confirmed that state spending would remain low – due to the decline of Venezuela’s economy, and the impact of international economic sanctions, the budget for 2020 totalled just US$5.4bn, down from US$80bn in 2014. Menéndez reported that draft budget has “two central elements – the social protection of our people, and the anti-blockade”, referring to the law passed by the ANC last week, allowing the government led by Nicolás Maduro to take whatever measures it deems necessary to keep the economy afloat in the face of tightening sanctions, without legislative oversight.

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