Defuse Venezuela’s economic time bomb

It is nothing short of a miracle that the members of Venezuela’s government and the opposition carried out a dialogue. Such a meeting would have been unimaginable two months back. The Vatican — which brokered the talks — needs to be lauded for making the impossible happen in a very conducive
environment.
Despite criticism from some quarters, the meeting was able to make some headway in the political and economic impasse that the country is reeling from. The two sides debated on various crucial issues quite respectfully and laid out a roadmap for tackling the crisis. However, the joint statement did not touch upon the recall referendum against President Nicolas Maduro and early presidential elections (before 2019).
Progress was made on respecting National Assembly’s autonomy, election of three lawmakers in dispute and election of new Electoral Board members. But the most crucial breakthrough was government authorization for medication to be delivered into Venezuela. Earlier, all humanitarian aid had been barred into the country due to a court ruling. Since the oil-rich nation is grappling with medicine shortage, the deadlock broken in the talks will be a huge relief for patient and their families. To address the food crunch that the people are facing, it has been decided to take urgent measures to enhance its production. The caps put on food distribution — which is in the hands of the military — needs to be relaxed so that citizens can get access to foodstuffs at a fair price. Currently, the prices have gone up by 122% and can rise to 700% if the upward trend is not controlled.
Venezuelans have been paying a heavy price for the political commotion for far too long now. The chaos has caused the total collapse of the economy.
According to the International Monetary Fund, the inflation of Venezuela would soar 475% this year — the highest in the world. The country is struggling with a recession for the third straight year. The economic malaise has spawned woes for the commoners — who have been protesting against the Maduro’s government since for the last two years. A clash during one of the anti-government riots claimed the lives of 43 people in 2014. The opposition have stepped up its ante, while the government have tried ways to muffle it.
Now is the time to leave the unrest and political differences behind and shape up the economy. It is very important that the constitutional relationships
between the various branches of the government are restored. This will help solve the economic disorder too. The next round of talks between the government representatives and the opposition is scheduled for December 6. The meeting should have representation from the private and public sectors as well as trade and business unions. They will be instrumental in finding ways to
revive the sagging economy. And of course, Maduro — who is being blamed for mismanagement of funds — has to stand the test of recall vote. Democracy
demands it. However, unseating Maduro won’t be the solution to the crisis. It will come only when the masses get actively and fully involved in the political and economic rebuilding process.
Venezuela is sitting on an economic time bomb. There is still time to prevent it from exploding. It is political stability that can bring about economic certainty and check the volatile situation from going out of hands.