Pdvsa to finance welfare programs and projects in 2013
Contributions from Venezuelan state-run oil company Pdvsa will amount to USD 19.3 billion
The FY2013 budget indicates that the funds to finance welfare programs commonly known as missions, labor liabilities, and production programs will stem from ordinary and special contributions from the oil sector.
To cover public expenditure in 2013, the Government has estimated oil sector contributions at USD 19.3 billion. Additionally, it expects contributions to be higher due to windfall oil revenues and the so-called parallel funds fueled by different financing sources.
The FY2013 budget stipulates the incorporation of new leveraging mechanisms and long-term domestic investment through oil sale agreements entered into by Venezuela and China.
Translated by Jhean Cabrera
According to inner surveys performed by the Venezuelan Association of Metallurgical and Mining Industries (AIMM), where 160 metallurgic companies were taken into consideration, 90% of the companies members of this association are "distressed because of their existence or survival in the short term," stated Manuel Eseverri, president of this association.