Public spending is to focus on state-run companies
The National Assembly s Committee on Finance will approve a USD 325.6 million additional credit for the National Electricity Corporation (Corpoelec). The Ministry of Finance has also planned a USD 628 million additional credit for two cement companies, but more funds are required
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The Ministry of Planning and Finance intends to increase the allocation of funds to state-run companies this year, according to its guidelines for public spending, as several state-owned companies require more funds to operate.
Venezuelan authorities will focus spending on state-run electricity utilities, basic industries, and cement companies.
The government is planning to merge companies in the electricity sector and, according to official sources, asymmetries among them have forced authorities to pump more funds.
The use of the funds is also provided in the projects. The National Assembly's Finance Committee is set to approve on Wednesday a USD 325.6 million additional credit for the National Electricity Corporation (Corpoelec).
The funds will be used to finance the Tocoma and Termozulia power projects.
The Ministry of Finance has also planned a USD 628 million additional credit for two cement companies, but more funds are required.
marmas@eluniversal.com
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