Venezuelan President to Deliver Key Speech on Economy

Venezuelan President Nicolas Maduro is set to propose Friday a package of reforms aimed at boosting his country's economy.

The economic proposals are likely to be included in Maduro's annual address, which will begin at around 5 p.m. local time.

Socialist legislator Hector Rodriguez said the speech is part of a “new stage of the revolution.”

“We invite all the people of Venezuela to join our president,” he said.

The address will be Maduro's first annual address to the country's new National Assembly, dominated by legislators from the right-wing MUD coalition.

The MUD secured a majority in the National Assembly during elections in December, and have since vowed to seek to oust Maduro from office.

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Maduro himself has said he will continue to fight for the country's socialist revolution, and accused the new National Assembly of seeking to roll back economic gains of the past decade.

While the MUD has largely called for deregulation of the economy and privatizations, earlier this week Maduro passed a multifaceted law to overhaul the foreign exchange system.

The legislation came amid a shake-up to Venezuela’s finances as the government tries to combat the economic war waged by opposition forces.

The Foreign Exchange System Law, passed by enabling decree, aims to crack down on actors in the economic sphere Maduro has said are protected by mechanisms that allow them to get rich or achieve political motives using foreign currency exchange.