Mubasher: Venezuela’s President Nicolas Maduro raised the monthly minimum wage by 300% to 18,000 Venezuelan bolivars (VEF), as the economically embattled country’s annual inflation running at 240,000%.

President Maduro also on Monday vowed to ramp up oil production to 5 million barrels per day (bpd) by 2025, during his state of the union address.

The wage hike would take effect this week, after six salary increases last year.

Investment from nations such as Russia, China, Turkey and Qatar could help rebuild local industries, Maduro said during his address.

Since taking office in 2013, Maduro repeatedly failed in his push to reform the country’s economy.

Moreover, the president’s pledge to restore the energy sector could face considerable challenges.

As Venezuelan oil output is plunging toward 1 million bpd, the oil-rich nation would have to more than triple its production during Maduro’s next six-year term to attain his target.

“I personally will take on the responsibility to increase production in all our fields,” Maduro said.