State non-oil companies receive funds from Pdvsa and central bank
Venezuelan state-owned oil company Pdvsa is responsible for providing funds to the country's basic industries
However, the stimulus has not been enough. State-run companies are facing financial needs that are being met by state-owned oil company Pdvsa and the Central Bank of Venezuela (BCV).
In 2012, the oil industry and the BCV sent funds to state industries that according to some analysts were used to fill the industries' economic gaps.
BCV data reveals that by the end of 2012, the financial institution allocated some USD 3.6 billion to non-oil public companies.
Moreover, over the last two years, Pdvsa itself has received financial aid from by the BCV and in late 2012 further resources were allocated to Pdvsa and the non-oil state companies so they could meet their deficits.
Resources requested by the state oil company have been mainly oriented to meet obligations established by the Venezuelan Government, namely welfare programs, including housing; labor liabilities, the so-called mining arc in Guayana (south Venezuela), projects in agriculture, and an investment program for the basic industries, south Venezuela.
In an attempt to boost steel production, Venezuelan President Hugo Chávez ordered Pdvsa to provide funds to state-owned steel company Sidor, yet the company's steel output by the end of 2012 was down 29.9% due to labor conflicts, spare parts and raw material shortage, and delays in the delivery of funds for investments.
Translated by Jhean Cabrera
That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.