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FINANCE

Venezuela's budget surplus in 2012 at USD 9.06 billion

The surplus is enough to cover additional credits in 2013

Budget surplus is allocated to parallel funds (File photo)
MAYELA ARMAS H. |  EL UNIVERSAL
Tuesday February 19, 2013  01:10 PM
Although the foreign exchange adjustment authorized on February 8 guarantees additional income to the Treasury, the Venezuelan Government has other sources of funds available that are enough to cover additional credits in the first half of the year.

One of such sources is the budget surplus (USD 9.06 billion) of 2012, which are budget funds that were not executed. 

In general terms, any surplus is deposited in different parallel funds administered by the Treasury Office. Funds are allocated based on the additional operations that may be necessary.

Since early January, the Executive Office began using such resources. Unlike other periods, early in 2013, the government increased expenditure and took on additional credits financed via parallel funds.

To date, the National Assembly has approved some USD 1.17 billion, and this figure may grow upon this week's additional operations.

Translated by Jhean Cabrera
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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.

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