In Keys: Economic measures to safeguard the Venezuelan people against Covid-19

As a provision to contain the spread of the Coronavirus in Venezuela, the Bolivarian Government has called for radicalizing the social and collective quarantine throughout the country, thus suspending all academic and economic activities in the national territory. To face this scenario and safeguard the Bolivarian people, who may gradually overcome the economic situation, which is not only affected in the country but in the entire world, the following measures have been established in the economic field: -The measure of labor immobility is ratified, until December 31, 2020. – A special payroll payment plan is activated for small and medium-sized companies and businesses through the Homeland System (Sistema Patria). Companies must enter the website of the Homeland system: institution.patria.org.ve, there each one must load the list of their workers. So far more than 300 companies have loaded their workers’ lists; consecutively, the complementary deposit of the payroll will begin. – The bond system for the people is strengthened, a policy that has been delivered this March, through the Carnet de la Patria, to more than 9 million people. -As of today, the “Stay At Home” voucher will be issued to the more than 6 million workers; 4 million (independent workers) and two million (workers in private companies as a complement to payroll). – The suspension for six months of payments of leases of commercial properties and of those used as main residence is corroborated, in order to protect entrepreneurs and small businesses, as well as Venezuelan families whose main residence is leased, for which forced evictions are prohibited. – The prioritized investment in food was ratified through the Centralized Public Procurement Plan. In this sense, the necessary resources have been approved to guarantee the distribution of 7 million CLAPs until August of this year. – The suspension of principal and interest payments on all credits in the country is approved for a period of six months; consequently, the suspension of the moratorium payment, caused by the aforementioned extension, is ordered. – Interest on fines, up to six months, are temporarily abolished. – The suspension of the reclassification of credit risk is approved, to protect the credit history of clients within the national banking system. – It was agreed, in the context of the emergency by Covid-19, that the unique productive portfolio, recently created by President Maduro, will guide all financial investment for the strategic sectors: food, industries and chains, pharmaceutical industries, drugstores and pharmacies, industries that produce household items, hygiene, personal hygiene, among these products such as disinfectants and chlorine. -Regulations will be issued through the Ministry of Finance, the Superintendency of Institutions of the Banking Sector of Venezuela (Sudeban), so that they are built and favor all productive sectors. – The exemption from taxes, fees and payment of any import duty of raw material, capital goods and supplies was approved. In the next few hours, an Extraordinary Official Gazette will be published detailing the tariffs that will be exempt from tax or tribute payments. – Progress was also made in coordinating with telecommunications companies to improve, expand services and provide guarantees for them in the context of this situation. – It is prohibited in the next six months the cut of telecommunication services, cable television, telephony or any family means of communication. For this, “we have instructed, through Conatel, and its president, Minister Jorge Márquez, the necessary provisions so that all companies providing these services guarantee the continuity of these services”, said the Vice-president for the Economic Area, Tareck El Aissami.