In January 2009, Jesse Chacón, then Minister of Telecommunications and IT, said that Venezuela would not be affected by the decline of oil prices, thanks to huge government savings.

However, the statistics issued by the Central Bank of Venezuela show that in order to balance Venezuelan accounts, Hugo Chávez's administration is resorting to borrowing.

In 2009, external debt, which includes government and state-run companies, increased by 32 percent from USD 46.65 billion to USD 61.62 billion.

Between 2007 and 2009, the increase of the burden has amounted to 58.2 percent.

Apart from the increase of the US dollar debt, commitments in Venezuelan bolivars have also increased. The Ministry of Finance said that between December 2008 and September 2009, VEB debt has increased from VEB 30.52 billion (USD 7.09 billion) to VEB 49.07 billion (USD 11.41 billion), a 60.8 percent surge in just nine months.