The president of Venezuela on Sunday announced the setting up of the Ministry of Internal Commerce and an economic vice-presidency within the ruling United Socialist Party of Venezuela (PSUV).

"We need a thriving economy. We need a very powerful internal market and very well-organized internal trade, so I have decided to create the Ministry of Internal Commerce as the governing body as the Congress has proposed to me," President Nicolas Maduro said during an event with leaders of the party.

This new portfolio, according to the president, will ensure that the distribution, marketing and pricing systems are "healthy and permanent."

He also announced the establishment of a "productive economic vice-presidency" within the PSUV.

Maduro indicated that the names of the people who will assume these new positions will be announced in the coming days.

Maduro said that 72 percent of the population supports his "economic recovery" adjustment programs, which include the 95.8 percent devaluation of the currency, tax and salary increases, as well as price controls.

"In Venezuela, we have developed a program of perfect economic recovery against the norms of the International Monetary Fund (IMF) (...) that puts work, the family, human beings, their well-being, their happiness at the center of attention," he said.

Economists and opposition lawmakers warned that Maduro's economic programs would only aggravate the crisis, particularly hyperinflation which, according to predictions from IMF experts, could hit 1 million percent by the end of 2018.