Venezuela's President Nicolas Maduro speaks during a meeting with ministers at Miraflores Palace in Caracas in this handout photo provided by Miraflores Palace November 25, 2014. REUTERS/Miraflores Palace/Handout
CARACAS (Reuters) - Venezuela's President Nicolas Maduro said on Friday he and other government officials should take salary cuts as part of budget reductions in response to the lower price of oil.
The South American member of OPEC derives 96 percent of its export revenues from oil, so the drop in prices to multi-year lows on the global market has hit hard, exacerbating a national economic decline, foreign currency shortage and scarcity of basic goods.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
