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
As Venezuelan deposits of public funds in Swiss bank accounts have been revealed, opposition Deputy Andrés Velásquez wonders whatever happened to the USD 500 million worth of CVG funds that turned up in coded bank accounts in Lebanon five years ago.