UPDATE - Venezuelan Minister Of Industry Says Local Economy Shows 1st Signs Of Recovery

MOSCOW (Pakistan Point News / Sputnik - 05th October, 2018) The economy of Venezuela is showing signs of improvement after one month of the implementation of the recovery program, Minister of Industry and National Production Tareck El Aissami told Sputnik.

"At the end of the first month of implementation of the economic recovery program we have already obtained satisfactory results," the Venezuelan minister, who is on an official visit to Russia, said.

Tax collection has been increased, the purchasing power of the Venezuelans has been recovered, the minister said.

"We have encouraged all the families to accumulate savings backed by gold. There is a strong recovery of the manufacturing sector. The government has given financing in sovereign bolivars and convertible currencies to the manufacturing sector, to the agricultural industry, to the retail, to the pharmaceutical laboratories, etc," El Aissami said.

The minister stressed that the diversification of economy was moving forward.

El Aissami added the price of oil, one of the key factors that contributed to Venezuela's difficulties as oil production is an important sector of the country's economy, has recovered after the agreement signed by members of Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states.

The minister emphasized that Venezuela had suffered from "a fierce attack by the US government" in the last three years, "an onslaught composed of illegal unilateral measures and sanctions that have caused serious damage to the economy."

"For example, we are prohibited from using the Dollar to pay suppliers, to pay for food, medicines, spare parts, supplies necessary for the development of the country. However, we have already taken the necessary precautions to overcome all this type of adversity and ensure that we are again able to find the necessary balance and thereby stabilize the economic situation in Venezuela," El Aissami said.

US sanctions impact not only the government but the private sector as well, the minister argued.

"Blockade, financial persecution, never seen before, except for the case of Cuba, we had lived in the blockade of such magnitude, a commercial blockade, financial, diplomatic, etc. ... It prevents even private sector, not linked to the government, from making transactions in any foreign Currency," El Aissami said.

The minister added that the US banks closed all their offices in Venezuela.

El Aissami criticized "the cynicism of the political class that governs in the US."

"On the one hand they sanction you, they block you, they prevent you from buying food, buying medicines and on the other hand and on the other hand they tell you 'let me give you humanitarian aid'," the minister said.

The Venezuelan incumbent suggested that "the best help is, obviously, to lift the sanctions."

In late September, the United States imposed a new set of sanctions on Venezuela targeting President Nicolas Maduro's wife and his top officials, including the country's vice president and the minister of defense. The United States has been expanding its list of sanctioned people and entities in Venezuela throughout 2017 and 2018.