ESPACIO PUBLICITARIO
CARACAS, Monday October 29, 2012 | Update
 
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FINANCE

Venezuela's public spending to underpin the socialist model in 2013

Public spending will continue to expand next year

Social production enterprises are the stepping stones of the State (File photo)
MAYELA ARMAS H. |  EL UNIVERSAL
Monday October 29, 2012  10:52 AM
Venezuela's Planning and Finance Minister Jorge Giordani stressed last week during the presentation of the draft budget law for fiscal year 2013 the need for "redesigning the State apparatus to allocate financial resources to the creation of the new social productive fabric." Hence, in keeping with the provisions set forth in the bill, next year public expenditure will be vital to advance the socialist model.

As outlined in the bill, the socialist production paradigm will receive funds from ordinary and the so-called parallel expenditure, comprised by the National Development Fund (Fonden), the Chinese Fund, among others.

As suggested in the draft budget law for FY2013, "19.3% of the resources must be allocated to projects oriented towards the creation of the new production model." The bill adds that "the Chinese-Venezuelan Joint Fund and (the National Development Fund) Fonden will continue playing a decisive role in the execution of public works, the strengthening of small and middle-sized businesses, and the reinforcement of production chains."

The bill, submitted to the National Assembly last week, points out that "budget allocations are aimed at boosting the social economy." It also highlights, "The Government will continue developing and strengthening the endogenous production model, whose core comprises social production enterprises, family production units, cooperatives, and other social productive forms of organization set up in the very heart of the community." 

In 2010, the Government enacted people's power laws providing for the creation of communal enterprises.

The goal is to let communities themselves to be in charge of the production of goods and services. In fact, the finance minister highlighted last week that "empowering people to manage means of production will lead to the expected results."

marmas@eluniversal.com

Translated by Jhean Cabrera
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