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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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