CARACAS, Friday November 28, 2014 | Update

Venezuela's Maduro: oil price fall is not to deter social investment

"If some items of the budget ever need to be cut, we would cut conspicuous consumption, and then our own wages," asserted Venezuelan President Nicolás Maduro. He called for union to overcome obstacles

President Maduro promised that social investment would remain unchanged (@Presidencialven)
Friday November 28, 2014  09:39 AM
Venezuelan President Nicolás Maduro acknowledged that "consensus was not reached" over output cuts "to recover crude oil prices" in a meeting with the foreign ministers of the Organization of Petroleum Exporting Countries (OPEC) held on Thursday in Vienna, Austria. However, he stressed that the government "will continue trying" to convince the other OPEC Member States "until prices reach the level they need to be at."

In a military parade staged in la Victoria, northern Aragua state, to commemorate the 94th anniversary of the Bolivarian Air Force and the 22nd anniversary of the civilian-military rebellion of November 27, 1992, the President stressed that dwindling oil income will no harm social and military investments. "If some items of the budget ever need to be cut, we would cut conspicuous consumption, and then our own wages, but not a single bolivar allocated to education, housing, and welfare missions," he pointed out.

President Maduro noted that he had ordered its staff to "enhance investment for economic development in bolivars, dollars and (Chinese) yuans." In that regard, he informed that the Vice-President for Economic Affairs, Rodolfo Marco Torres, and Vice-President for Social Affairs, Héctor Rodríguez, "will travel to China for a working visit with a view to signing cooperation agreements for 2015 and 2016."

"That is the way we are going to keep the depth and level of social investment, and investment for the defense of national sovereignty, and strengthening of the Bolivarian National Armed Forces," Maduro remarked. "The best answer to face obstacles is to get together to work, to fight, to make sacrifices, and be disciplined," he said to both civilians and militaries.

Translated by Andreína Trujillo