Venezuelan gov't administers USD 228 billion in parallel funds
Some 17 mechanisms have been implemented by the Executive Office since 2004
Based on data published by the Finance Ministry, the oil industry and public institutions in management reports, through parallel funds Hugo Chávez's government has administered nearly USD 228 billion in 2004-2012.
According to authorities, such multiple funds comprise the "New Bolivarian Financial Institutions."
Early in October, Planning and Finance Minister Jorge Giordani talked at the National Assembly about the design of "an innovating financing model to conduct investments based on government priorities. The model differs from the prior model, under which Pdvsa's resources were transferred to the BCV (Central Bank of Venezuela) and then became reserves only. Those frozen resources are now redirected to promote the wellbeing of Venezuelans."
Translated by Jhean Cabrera
At the recent UN climate summit President Nicolás Maduro gave a speech on global warming highlighting the fact that "Capitalism has ignored over decades nature's capacity to load and recover," and, accordingly, "if we want to change climate, we need to change the system."