CARACAS, Wednesday February 20, 2013 | Update

Venezuelan Congress seeks reform of law on oil windfall revenues

The bill submitted by the Venezuelan Parliament's Secretariat was okayed by the Finance Committee with no modifications whatsoever

The second reading of the draft reform is taking place on Wednesday afternoon (File photo)
Wednesday February 20, 2013  04:14 PM
The Venezuelan National Assembly's Finance Committee approved in a first reading the bill put forward by the National Assembly's Secretariat seeking the reform of the law on oil windfall revenues.

The proposal was approved with no objections whatsoever. Ruling party legislators in the finance committee suggested holding a second discussion in the plenary session.

Opposition deputies, however, claimed that the bill failed to comply with all the constitutional procedures of public consultation. They argued that it was only posted on the National Assembly's website on Tuesday, and that the financial contributions set forth in the reform are intended to create a fund similar to the National Development Fund (Fonden), rather than establish a savings fund to prevent any macroeconomic disturbances.  

The second reading of the bill is taking place on Wednesday afternoon in a special meeting convened for such purpose.

Translated by Jhean Cabrera
This is all there is

A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.

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