Pdvsa allocates USD 12.9 billion to parallel funds
In the first semester, the Miranda Fund received USD 2 billion
Pdvsa's numbers on its contributions to social development show that between 2010 and the first semester of 2012, the state-run oil holding contributed USD 12.9 billion to four parallel funds: Miranda, Bicentenary, Security, and Sports.
Out of these four mechanisms, the Miranda Fund is the one that has been allocated the largest amount of resources by Pdvsa. Since 2010, the fund has received USD 11.4 billion, and only in the first semester of 2012, it received USD 2 billion.
The Miranda Fund is used by the Venezuelan central government as a funding source for additional credits. Indeed, the fund, besides deposits from Pdvsa, manages the surplus income from previous fiscal years, plus additional tax contributions.
In addition, Pdvsa has allocated USD 924 million to the Bicentenary Fund; USD 539 million to the Security Fund; and USD 125 million to the Sports Fund.
These allocations from Pdvsa to the government's parallel spending mechanisms may rise, taking into account that there are other funds managed by the Treasury, which also receive financial resources from Pdvsa.
Pdvsa reports also show that by the end of June 2012, Fonden has been allocated USD 7.6 billion.
Translated by Andreína Trujillo
José Vicente Rangel clearly said: "We are not conducting negotiations threatened with a gun in the head." He warned behind closed doors in the midst of the social upheaval occurred during the oil strike in 2002 and 2003. Dissenting Timoteo Zambrano answered back that no other option was available: "The thing is that otherwise, you do not negotiate."