The National Electoral Council (CNE) of Venezuela has declared the sitting President Nicolas Maduro as the winner of the Presidential poll held in the country on 28 July 2024. The election results, which were announced by the CNS on 29 July 2024, were immediately rejected by the opposition, and large-scale protests broke out in various parts of the country.

Contested Presidential Election in Venezuela

Venezuela went to the polls to elect a new president on 28 July 2024. The sitting president, Nicolas Maduro of the United Socialist Party of Venezuela (PSUV), was contesting for the third time. He was facing a combined opposition candidate, Edmundo Gonzalez, a former diplomat.

According to the CNE, President Maduro secured 51 per cent of the votes, while Edmundo Gonzale secured 44 per cent of the votes. Thus, President Maduro was declared elected for this third six-year term as the President of Venezuela.

The opposition has rejected the results, claiming that they have secured around 70 per cent of the votes. They are demanding the publication of the results of every polling station.

Third Term for President Maduro and the Challenge

A former bus driver, Nicolas Maduro, was elected the president of Venezuela after the death of the hugely popular socialist leader Hugo Chavez in 2013. He was again re-elected in 2018 for a six-year term.

This is the third time he has been reelected as the President for a term of 2025-2031.

Venezuela has been ruled by the PSUV party for almost 25 years.

However, since Maduro came to power in 2013, the Venezuelan economy has been in deep trouble. According to the International Monetary Fund the economy has shrank by 80 percent during 2014-2021. The main reason was the sharp fall in the crude oil prices which is the main export item of Venezuela.

The powerful neighbouring country -the United States of America, is opposed to the socialist government in Venezuela. It has imposed a range of economic sanctions on Venezuela, alleging abuse of human rights, corruption and democratic backsliding.

The combined effect of the fall in oil prices, American sanctions, and the socialist government's mismanagement of the economy has led to a catastrophic economic condition in the country. The country is suffering from hyperinflation and acute food and medicine shortages.

The continuing depressing economic situation in the country has led to a mass migration from the country.

Nearly a quarter of its population - around 77 lakh people have left the country.

About Venezuela

Venezuela is a South American country with the world’s highest waterfall- Angel Falls (979 meters in height).

South America's largest lake - Lake Maracaibo, is in Venezuela.

It is rich in petroleum reserves and is a member of the Organization of Petroleum Exporting Countries (OPEC).

Capital: Caracas

Currency : Venezuelan bolivar

President : Nicolas Maduro