Venezuela's domestic debt service at USD 22 billion in 2013-2014
Payments to both domestic and foreign debt at USD 33.9 billion in two years
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Since 2009 the Venezuelan Government has been falling into more debts. This has exerted an impact on the state's accounts considering the fact that more resources need to be used to pay debts at home and abroad.
Based on the Finance Ministry's data, total debt service in 2013-2014 will amount to USD 33.9 billion, USD 22 billion of which belongs to the domestic debt (65%). This is the result of the allocations made over the last three years.
Domestic liabilities climbed (306%) from USD 14.1 billion by the end of 2008 to USD 57.3 billion by September 2012.
During the presentation of the Budget Law for fiscal year 2013, Planning and Finance Minister Jorge Giordani said the local market has been determined as the government's first finance source. Special instruments in local currency have been designed for this purpose, therefore reducing the risk of the total debt portfolio."
Allocations to the foreign debt in 2013-2014 may amount to USD 11.7 billion according to the ministry.
By the end of September 2012, the foreign debt accounted for USD 43.5 billion, similarly to that of 2011, but 46% above the figure reported in 2008 (USD 29.8 billion).
marmas@eluniversal.com
Translated by Jhean Cabrera
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Chapo's drug traffic network
Luis Jiménez Alfaro seems to have hidden under the rocks. The last time he was seen was on April 2006 walking calmly around Simón Bolívar International Airport of Maiquetía, located nearby Caracas. At that time, more than five tons of cocaine arrived in Mexico in an airplane which took off from Venezuela, and his name featured as a missing piece of the puzzle of one of the most massive drug shipments that has been witnessed in the Western Hemisphere.
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