VENEZUELAN President Nicolas Maduro enacted a range of new laws late on Tuesday, creating a National Fund to finance the “missions” the government runs to boost healthcare, education and food supplies in poor regions.

The president also announced a Productive Youth Law, guaranteeing employment and full labour rights for young workers.

The law includes measures to assist young people to continue studying while they work, he said.

“Youth now have the opportunity of working and studying at the same time.”

Other measures included a rise in the tax on “luxury goods such as yachts and private jets” by 15 per cent and a Popular Finance Law establishing the Communities Bicentennial Bank, which will be used to fund development projects.

And he shored up Venezuela’s international reserves by ordering a $4 billion (£2.55bn) low-interest loan from China be added to them.

Falling oil prices have exacerbated the country’s shortage of dollars for international trade.