What is happening in Venezuela?

International Nov 13, 2020
  • With a fragmented political system and prevailing corruption, Venezuela is in a dubious state accompanied by skyrocketing hyperinflation, turning the economy vacuous.
  • This situation was further exacerbated when the opposition leader, Juan Guaido, repudiated the sitting president, Nicolas Maduro, declared himself the president and called for elections.
  • The then-president of the USA- Trump, hinted at the possibility of military intervention and crippling sanctions.
  • This sparked anger among the citizens as they sought to fight for their right to power.
  • In this South-American country, the political parties are engaged in a diatribe where they have committed injustices against the citizens.
  • With such grim events unfolding, close to 5 million Venezuelans have left the country in recent years.  

What is the issue regarding the president of the country?

  • On 23 January 2019, the opposition leader, Juan Guaido, declared himself the president, directly impugning the competence of the sitting president.
  • In response to such perplexity, President Maduro condemned such an act and claimed it to be a ploy backed by the US.
  • Nicolas Maduro was first elected in April  2013, but at the time he won by a slight margin. But under his presidency, the economy plummeted, and his leadership was blamed for it. All his efforts were proving to be nugatory.
  • In a highly controversial media hype, he was re-elected in May 2018.
  • Many candidates were barred from running while others were jailed or forced to flee from the country. Many political parties even claimed that the elections were not legitimate.
  • Apropos to the articles in the constitution, with the pressure of the citizens, declared the need for a leader to step in, Juan Guaido declared himself as acting president.
  • Russia and China supported Guaido; more than 50 countries consider Maduro as the official president.
  • The security forces play a pivotal role in this imbroglio. They are loyal to Maduro, who recompenses them with frequent pay rises and puts them in a position of power.

Why is the situation worsening?

  • Lack of investment in certain spheres of the economy has aggravated the situation and increased unemployment.
  • On top of that, US sanctions on the oil industry of Venezuela has contributed to the economic crisis.
  • According to the UN, an estimated figure of 4.8 million people has left the country and fled to neighboring countries.
  • The focus of the center is regressing due to the circumnavigation of the pressing issues. The ongoing crisis is not being addressed by the world leaders, as Venezuela continues to cripple.

This article has been written by Jahnavi Rathore for The Paradigm

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