Venezuela National Assembly pushed to import 39 million rolls of toilet paper to address the national scarcity of toilet paper, BBC reports.

In line with this, the government agreed to allot a $79 million credit for Venezuela's trade. The said credit was allocated for purchase of toothpaste and soap.

Venezuela is experiencing shortage in commodities in general. The country is rich in oil but strongly depends on imported goods and right now currency control stalled the country's capacity to buy foreign supplies.

The nationwide shortage of commodities, allegedly, resulted from conspiracy between the opposition and the Venezuela's upper class citizens. This was alleged by newly elected President Nicolas Maduro.

Mr. Maduro aimed to follow the leadership of late president Hugo Chavez whose government is known for a deep sense of nationalism and rigid social programs.

However, analysts opposed this, saying that the root of the commodity shortage was rooted on the state's control over the economy. Consensus Economics, a survey company, said that, "Price controls, for example, act as a disincentive to local producers, forcing them to cut output. The resulting scarcity forces up inflation, defeating the entire purpose of price controls in the first place."

According to data, Venezuela has the highest inflation rate across Latin America and the increase is currently running at 25 per cent. Venezuela's currency, Bolivar, had experienced depreciation in recent years, with the highest deflation rate by 32 per cent in February.

President of the Fedecamaras business group and a strong critic to Hugo Chavez, Jorge Botti, told Reuters that the OPEC nation's economy will be stunted to as much as 3 per cent and inflation will continue to a more than 30 per cent, regardless of Venezuela's stable export of oil at $100 per barrel.

Mr. Botti explained that the current scenario in Venezuela was a result of Hugo Chavez' 14 years of government, dependent on the oil market and implemented socialist revolution.

Mr. Botti also predicted that most of the Venezuelan companies will decline their inflation billing to 40 to 50 per cent and manufacturers could drop to more than 4 per cent in their earnings as they were left with insufficient currency to purchase raw materials.

Mr. Botti emphasized that, "It's the worst of all words, and we're going to have a nefarious combination that's going to hit consumers and businesses. What we are seeing is nothing less than the final chapter in the failure of an economic model based on redistribution of oil wealth at the expense of productivity. This model is so bad -so bad- that even with high oil prices, we're seeing a tremendous crisis."

According to Mr. Botti, the economic model inherited from Hugo Chavez should be replaced with market-based public policy that gave importance to entrepreneurship and that will create more jobs.

Business owners agreed to what Mr. Botti is saying. They said that a government which imposes currency control creates shortage of foreign currencies. As proven, Venezuela's control on currency causes toilet paper shortage as well as shortage of other basic commodities.

Market analysts also said that Hugo Chavez's six-year campaign for nationalizations destabilized Venezuela's industry and scared-off investment.