While it is true that the general financial sanctions have increased the extent of the economic crisis, it is also true that by 2017, Venezuela was already going through a complex economic and financial panorama.
The decision of the Treasury Department’s Office of Foreign Assets Control (OFAC) to put an end to the so-called “General License 41”, which allowed Chevron to resume and expand its operations in the country, could severely impact the economy, since a high percentage of the foreign currency that enters Venezuela originates from the oil industry.
The Federation of Chambers and Associations of Commerce and Production of Venezuela – Fedecamaras-, expresses our concern about the implications that such measure will have for the country, especially for the areas whose economy depends mostly on this industrial sector.
We are aware that this fact will be reflected in the expected growth figures for this year and the following years, since an important number of companies could be affected.
Likewise, it could have a negative impact on such sensitive and vulnerable areas as health and education, and could even increase poverty rates, among other aspects, since, after four consecutive years of sustained growth, there is a possibility that our economy could enter into recession.
We call for a responsible evaluation of the effects of this measure and to seek solutions to avoid further distortions in the economic apparatus, at a time when Venezuela needs certainty and opportunities to move forward.
It is essential to generate the necessary conditions to preserve productive stability, attract investments and guarantee the well-being of the population. In this context, we reiterate our commitment to the defense of private enterprise, the generation of employment and the sustainable development of the country.
