AIRLINK 209.55 Decreased By ▼ -1.42 (-0.67%)
BOP 10.46 Decreased By ▼ -0.21 (-1.97%)
CNERGY 7.35 Decreased By ▼ -0.06 (-0.81%)
FCCL 34.39 Increased By ▲ 0.82 (2.44%)
FFL 18.05 Decreased By ▼ -0.36 (-1.96%)
FLYNG 22.92 Decreased By ▼ -0.70 (-2.96%)
HUBC 132.49 Increased By ▲ 1.10 (0.84%)
HUMNL 14.14 Increased By ▲ 0.04 (0.28%)
KEL 5.03 Increased By ▲ 0.05 (1%)
KOSM 7.07 Decreased By ▼ -0.09 (-1.26%)
MLCF 45.20 Increased By ▲ 1.44 (3.29%)
OGDC 218.38 Increased By ▲ 4.82 (2.26%)
PACE 7.58 Increased By ▲ 0.13 (1.74%)
PAEL 41.70 Increased By ▲ 0.17 (0.41%)
PIAHCLA 17.30 Decreased By ▼ -0.17 (-0.97%)
PIBTL 8.55 Decreased By ▼ -0.05 (-0.58%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 189.03 Decreased By ▼ -0.57 (-0.3%)
PRL 42.33 Decreased By ▼ -1.98 (-4.47%)
PTC 25.17 Increased By ▲ 0.20 (0.8%)
SEARL 103.96 Increased By ▲ 0.59 (0.57%)
SILK 1.03 No Change ▼ 0.00 (0%)
SSGC 39.24 Decreased By ▼ -1.26 (-3.11%)
SYM 19.16 Decreased By ▼ -0.36 (-1.84%)
TELE 9.24 Decreased By ▼ -0.20 (-2.12%)
TPLP 13.10 Decreased By ▼ -0.40 (-2.96%)
TRG 69.18 Increased By ▲ 4.71 (7.31%)
WAVESAPP 10.72 Decreased By ▼ -0.18 (-1.65%)
WTL 1.71 Increased By ▲ 0.06 (3.64%)
YOUW 4.14 Decreased By ▼ -0.07 (-1.66%)
BR100 12,079 Decreased By -111.6 (-0.92%)
BR30 36,602 Increased By 19.8 (0.05%)
KSE100 116,053 Decreased By -202.4 (-0.17%)
KSE30 36,578 Decreased By -25.8 (-0.07%)

Venezuela's unpopular President Nicolas Maduro got the seal of approval from his ruling party Friday to stand for re-election against a weakened opposition barred from fielding a united rival candidate. The snap poll is to happen sometime before the end of April, after the Constituent Assembly - a super-legislature stacked with Maduro loyalists - announced last week the vote was being brought forward from December.
The Supreme Court, which critics say systematically bows to Maduro, has barred the opposition coalition from fielding a candidate under its banner, and banned several prominent opposition figures from participating. The opposition says the moves are designed to engineer a second term for Maduro.
The ruling Socialist Party, which Maduro leads and which is holding a congress, on Friday officially voted to make the president its candidate for the election. "You are officially the candidate of the United Socialist Party of Venezuela," the party's deputy leader, Diosdado Cabello, told Maduro, who was decked out in the party's red color and accompanied by his wife Cilia Flores.
Hundreds of party members yelled "Yes" as the nomination was made. Cabello said it was "totally natural" that Maduro, 55, be given the nomination, calling him a "comrade of irreproachable revolutionary conduct." "We are going to win, I have no doubts of that," Cabello said.
The election will be held against a backdrop of financial and political crisis. The country, impoverished despite being a major oil producer, is suffering food and medicine shortages brought on by a recent period of low oil prices, declining production, and economic mismanagement. It is in the grips of hyperinflation and is teetering on the brink of outright default.
Venezuela is also increasingly isolated internationally. The US and EU have imposed sanctions on Maduro and his officials, with Washington calling him a "dictator." Argentina has said it will not recognize the results of the presidential election, and other major South American nations may follow suit.
US Secretary of State Rex Tillerson is on a tour of South America, during which he is raising Venezuela's crisis with governments in the region. Maduro is the heir to a Socialist "revolution" in Venezuela started by his late predecessor Hugo Chavez, who died of cancer in 2013.
Tall, mustachioed and lacking Chavez's charisma, Maduro - a former bus driver - has bullishly pushed on with policies of nationalization of companies and currency exchange rate controls even as the economic tide turned against Venezuela following a crash in the price of oil in 2014. Although his popularity has improved slightly in recent months, around 70 percent of Venezuelans still view him negatively, according to the Delphos survey firm.
Many blame him for the scarcity of basic products and for inflation which this year is expected to reach 13,000 percent, according to the International Monetary Fund - the highest in the world. Maduro and his government defend themselves by saying the economic crisis is the work of enemy nations - invariably the United States, sometimes Colombia - in cahoots with rightwing businessmen seeking to bring him down.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.