Colombia has called for an emergency plan to help neighboring Venezuela, which is grappling with an economic crisis.

"The collapse of the (Venezuelan) economy is close," Colombia's Finance Minister Mauricio Cardenas said on the sidelines of the World Economic Forum (WEF) in the Alpine town of Davos, Switzerland, on Wednesday.

"The idea is to have ready an economic plan for Venezuela for the day after," he said, noting "We do not know when that day will come but it will happen quickly due to the seriousness of the crisis."

Cardenas called for a plan involving the International Monetary Fund or regional lenders to help provide medicine and other essential supplies.

Venezuela last year witnessed unrest over political disagreements between the government and opposition as well as over an economic crisis. Some 125 people from both the government and opposition camps were killed in the violence.

Venezuelan President Nicolas Maduro has censured the opposition for attempting to launch a “coup” against the government with the help of the US and its other foreign backers.

Venezuela's National Constituent Assembly announced on Tuesday that a presidential election would be held by the end of April, pulling forward the vote to demonstrate the administration’s commitment to democracy.

Maduro, who has been in office since 2013, said later in the day that he would run if he received the ruling Socialist Party’s nomination.

Top party official Diosdado Cabello confirmed to the Assembly that Maduro would be the party’s sole candidate.

The Venezuelan opposition, which has constantly called for a new presidential election amid a political crisis in the country, now accuses Maduro of “merely dressing up authoritarianism in the guise of democracy.”