VenezuelaN President Nicolas Maduro has appointed a private sector-rooted businessman as economy minister as the country moves closer to a day of reckoning with global debt markets.

Maduro said Economy Minister Luis Salas would be standing down after just five weeks, to be replaced by Miguel Perez Abad, a former head of the Fedeindustrias business lobby.

Abad has roots in the oil and gas contracting sector and has supported moves to relax foreign exchange and fuel prices.

Abad