Venezuela's FY2013 budget below that of 2009
The national budget for fiscal year 2013 (USD 18.3 billion) will be below that recorded three years ago (USD 20.5 billion)
Next year, states and communities will be receiving some USD 18.3 billion. However, they received USD 19.4 billion in 2008 and USD 20.5 billion in 2009. In other words, the FY2013 budget will be 10% lower.
According to analysts, when the Executive Office drafts the corresponding fiscal year budget using sensible macroeconomic premises, it ends up financially lashing the regions, which do not benefit from all fiscal revenue.
In addition to traditional variables, legal reforms and the incorporation of a parallel spending structure have undermined the accounts of the states.
For instance, changes in the distribution of windfall oil revenues are one of the legal reforms causing a great impact. Such reform aims at allocating more resources to the National Development Fund, a mechanism created to finance different government projects.
Translated by Jhean Cabrera
"Cocoa is to Venezuelans what wine is to the French," says Alejandro Prosperi, head of the Venezuelan Chamber of Cocoa, using this simile to express the paramount importance or the cocoa industry for the country. Often times heralded as "the best cocoa in the world," a passion for quality dating back to the sixteenth century has made Venezuelan cocoa growers to enjoy high prestige at international level and their product to be among the most sought-after in the world.