Venezuelan President Nicolas Maduro has declared a 60 days' nationwide state of emergency on Friday by dint of constitutionally granted decree powers. The measure is extendable for another 60 days and aims to protect the countrymen from existing threats.

The decree has been published in the form of official gazette. It empowers Maduro administration to adopt appropriate measures to effectively address the exceptional, extraordinary and cyclical situation; the Venezuelan economy is passing through, reports FoxNews Latino quoting Luis Salas, country's new economic minister for the economy.

The government move has appeared just after releasing official figures of the Venezuelan economy by the central bank. The country's economy has been contracted by 4.5% during the first nine months of 2015.

The emergency has been declared hours before President Maduro delivers a State of the Nation address to Congress. However, he addresses for the first time since his centre-right opponents took control of the legislature, according to a report published in Jamaica Observer.

The decree will allow Maduro government to allocate extraordinary resources, both budgeted and non-budgeted. Those resources will be used in the leftist government's signature anti-poverty program. The programs include health, education, food and housing sectors and executed through the missions.

Maduro's enforced decree will also enable the country to design and implement special, immediate measures to reduce tax evasion and expedite the flow of essential merchandise through ports and airports.

However, President Maduro and new Economy Minister Luis Salas have argued for the need to protect social programs from the global drop in oil prices. The referred social programs have been initiated by his predecessor, former President Hugo Chavez, according to a report published in BBC.

Venezuela owns the world's largest oil reserves but the huge fall in oil prices in the past 18 months has slashed its revenues by 60%. Annual inflation up to September 2014 has reached 141%, according to a report published by the Venezuelan Central Bank. Oil exports account for around 95% of Venezuela's total revenue earnings.

Maduro government accuses political opponents for the soaring inflation and basic goods shortages. His administration will carefully monitor whether the opposition dominated Congress supports the decree. Otherwise, they may appeal to the Supreme Court of justice.

Venezuelan President Nicolas Maduro has enacted a decree imposing economic emergency for 60 days. Through the new decree, the government is trying to allocate extra ordinary resources to its signature anti poverty programs initiated by the late President Hugo Chavez. The programs have been reported to hit immensely due to continued oil price falling, which accounts 95% of the country's revenue earnings.