Hugo Chavez (file photo)

Venezuelan President Hugo Chavez says he is "putting on the brakes" on his socialist revolution after voters rejected his plans to reform the constitution.

Mr. Chavez said on his weekly broadcast Sunday it would be a mistake at this time to try to quicken the pace of his plans to turn Venezuela into a socialist haven.

He said he will evaluate the results of the referendum before deciding how to proceed with his pro-socialist plans. He also said he will focus on regional elections later this year as one way to consolidate Socialist party power.

Venezuelan voters last month turned down the constitutional reform package which included making Mr. Chavez president for life.

Some information for this report was provided by AFP and Bloomberg.