Venezuela's Executive Office to seek additional loans from China
A higher availability of funds will allow the Government to delay some economic measures
With such money, authorities may increase transfers to parallel funds, and would have leeway to put off some economic measures, such as devaluation of the Venezuelan bolivar.
Following the negotiations conducted at the end of 2012, additional USD 8 billion may be available to the Venezuelan Government through the Venezuela-China Joint Fund during the first half of 2013.
The China Development Bank will disburse some USD 4 billion in the next weeks as agreed during the first quarter of 2012. Further, in the first half of 2013, another credit line amounting to USD 4 billion may be negotiated.
Venezuela's Finance and Planning Minister Jorge Giordani has pointed out, "Funds from the loan we agreed upon in March (2012) will be disbursed. The second credit line negotiated in 2011 is already being repaid. In the first half of 2013, the third credit line may be negotiated."
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.