Caracas, Jan 15 (EFE).– Venezuelan President Nicolas Maduro‘s administration, using constitutionally granted decree powers, on Friday declared a 60-day, nationwide state of economic emergency.

The measure, extendable by an additional 60 days, is intended to “protect the people from existing threats,” the country’s vice president for the economy, Luis Salas, said after it was published in the Official Gazette.

The decree empowers the executive branch to “adopt appropriate measures to effectively address the exceptional, extraordinary and cyclical situation that the Venezuelan economy is suffering,” Salas said, alluding to high inflation, a severe recession and big drop in foreign reserves triggered by a steep decline in oil prices.

The decree is aimed at mitigating “the effects of induced inflation, speculation, fictitious currency value, the sabotage of goods and service distribution systems,” as well as “offsetting the impact of the oil price war,” he added.

It allows Maduro’s administration to access resources needed to cover the cost of “ensuring the continuance of the social missions, food supplies and other basic resources for human life.”

Among other things, the decree also allows Maduro to allocate extraordinary resources, both budgeted and non-budgeted, “to optimize attention in sectors such as health, education, food and housing, which could be executed through the missions,” the leftist government’s signature anti-poverty program.

It also empowers Maduro’s administration, among other measures, to “design and implement special, immediate measures to reduce tax evasion” and expedite the flow of essential merchandise through ports and airports.

Venezuela’s central bank, furthermore, will be able to place “restrictions on certain commercial or financial operations to protect the national currency.”

The vice president said the decree would be sent to the unicameral National Assembly, controlled by the opposition for the first time in 17 years after its recent election victory, for its “consideration and approval” within the eight days following its publication in the Official Gazette.

It also will be sent to the Supreme Court to allow that tribunal to “rule on its constitutionality,” also over the next eight days, Salas said.

The decree was announced just hours before Maduro is due to deliver his state-of-the-nation address to the National Assembly.

EFE