FINANCE | Decree signed by Chávez on December 9
Venezuela's vice-president bestowed economic decision-making capacity
The decree authorizes the executive vice-president to rule in the economic arena
The vice-president may pass decrees concerning expropriations (File photo)
Wednesday December 26, 2012 01:13 PM
In compliance with Official Gazette 40,077, issued on December 21, upon Venezuelan President Hugo Chávez's consent, Executive Vice-President Nicolás Maduro is entitled to take actions in the economic arena.
As set out in decree 9,315, signed on December 9 and published in the gazette, Maduro may approve additional credits to the budget, with prior authorization from the National Assembly, and pass decrees for the transfer of funds from the budget to ministries. He is also authorized to approve operations for public loans.
The Venezuelan vice-president may also order expropriations or compulsory acquisition prior authorization from the president.
Following a wave of nationalizations carried out by the late President Hugo Chavez between 2007 and 2012, Venezuela has become the second most frequent respondent to investment treaty arbitration in the world (38 cases in total), after Argentina.