Venezuelan ex Minister of Finance and Petroleum and current ambassador of Venezuela to Cuba, Alí Rodríguez Araque, advised about the need to adjust and reorient the domestic economy in view of the plunge in oil prices.

The expert maintained that the shrinking revenues "are fairly above 30%," which imposes economic adjustment right now. "Now, we have to make an adjustment downwards," Araque said.

The former Minister of Finance (2008-2010) suggested to cut public spending and to set a priority order.

Rodríguez argued that "such rearrangement" of the local economy "must be made and this begins with the public budget, which is the first component of income distribution in Venezuela." "I think that further adjustments are coming," he added.

"Let's forget that Venezuela will have a strong momentum in the field of industry and other sectors," he insisted. "Since 1936, we have had an overvalued bolivar. All the currencies in the world devalued at that time."

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El Universal