ESPACIO PUBLICITARIO
CARACAS, Monday December 10, 2012 | Update
 
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FINANCE

Venezuelan gov't administers USD 228 billion in parallel funds

Some 17 mechanisms have been implemented by the Executive Office since 2004

The oil boom allowed Hugo Chávez government to take on the so-called parallel expenditure (File photo)
MAYELA ARMAS H. |  EL UNIVERSAL
Monday December 10, 2012  03:17 PM
When the oil boom began in 2004, the Venezuelan government decided to create different means to transfer a part of such resources to other funds. Seventeen mechanisms have been implemented for such a purpose in nine years, leading to the so-called parallel expenditure, which, additionally, receives allocations from tax collection, surplus international reserves, and revenues of state-run firms.

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
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