World Economy

Venezuela Opposition Vows to Revive Economy

Venezuela Opposition Vows to Revive EconomyVenezuela Opposition Vows to Revive Economy

Venezuela’s opposition have vowed to revive the OPEC nation’s troubled economy and free jailed political activists after winning control of the legislature for the first time in 16 years of socialist rule.

Results from Sunday’s election are still not in, but on Monday the Democratic Unity coalition claimed it had won a commanding majority in the 167-member or two-thirds of the National Assembly, Yahoo reported.

“It’s a great opportunity for us, this protest vote,” prominent opposition leader Henrique Capriles said following a win attributed to voters punishing the socialists for Venezuela’s deep economic and social crisis.

Coalition head Jesus Torrealba said the opposition would seek to modify the central bank law, in an effort to reduce indiscriminate printing of money that has driven the world’s highest rate of inflation.

Though it will not have the power to radically overhaul the economy from the legislature, the opposition is also promising new laws to stimulate the private sector and to roll back nationalizations.

The opposition also wants to pass an amnesty law for jailed opponents of Maduro when the new assembly begins work on January 5.

Venezuela’s best-known jailed politician is Leopoldo Lopez, who was sentenced to nearly 14 years on charges of promoting political violence in 2014 that killed 43 people.

Investors reacted positively to the OPEC nation’s swing away from the left, with dollar bonds rising strongly on hopes of business-friendly change.

On the official count by the election board, the opposition had 99 seats to the socialists’ 46, with 22 seats yet to be announced.

The opposition can now exercise control over the budget, begin investigations that could embarrass the government, and fire ministers.