Venezuelan opposition gears up in primary vote

Caracas: Venezuela`s main opposition coalition held primary elections on Sunday, launching the race for legislative polls in which it hopes to beat embattled President Nicolas Maduro`s ruling party.

The Democratic Unity Roundtable called the vote for candidates who will run in 33 of the 87 districts against Maduro`s socialists.

"Polling stations opened on time and the day has been going without incident so far around the country," said Jose Luis Cartaya, chair of the party, known by its Spanish acronym MUD.

So far, analysts have offered no forecasts, but say high turnout, if it happens, will likely help the opposition. 

The date for the vote has not been set but it is expected to take place in the last four months of 2015.

Maduro was elected by a razor-thin margin in April 2013, succeeding his late mentor Hugo Chavez, who died a month earlier after 14 years in power.

Maduro`s United Socialist Party of Venezuela has been hit by a drop in global oil prices, which decreased by more than 50 percent between June and January.

Venezuela is also struggling with a recession, 68.5-percent annual inflation and shortages of basic goods that it relies on oil money to import. 

Maduro`s popularity has slid in the midst of the economic lull.

Venezuela, which has the world`s largest proven oil reserves, gets more than 96 percent of its foreign currency from crude exports.

To raise cash, the government has in recent weeks secured a $5-billion loan from China; issued $1.5 billion in bonds through US-based subsidiary Citgo; and allowed the Dominican Republic to pay off $1.9 billion in outstanding oil debt at a discount of more than 50 percent.