Resources for missions rise 14% in FY2013 budget

Although the Venezuelan Government in its draft Budget Law for fiscal year 2013 estimated that resources would focus mainly on social programs commonly known as missions, the funds provided for such programs through ordinary expenses will leap by 14% only. 

The draft law outlines, "The missions will continue being the strategic instruments of the transition phase so as to keep on attaining social inclusion at a fast pace." 

The FY2012 budget last year provided an initial amount of USD 1.8 billion for missions. Meanwhile, FY2013 budget provisions USD 2.1 billion for such programs, that is, 2.2% of the estimated total expenditure for next year (USD 92.1 billion).

Even though the funds for the missions will increase in 2013, they are way below those recorded in previous years, when they climbed by up to 30%.

Nevertheless, in addition to ordinary income, the missions also benefit from financial resources stemming from Venezuelan state-owned oil company Pdvsa and the so-called parallel expenditure a financing model that will continue in force throughout 2013.

As explained in the draft FY2013 Budget Law, the government "aims at financing social and production programs through resources from the National Development Fund (Fonden), the Chinese Fund, and other funds managed by Pdvsa." Once again, the draft law provides that the so-called great missions will be funded with resources obtained from oil windfall taxes.   

Translated by Jhean Cabrera