CARACAS, Friday November 02, 2012 | Update

Pdvsa to finance welfare programs and projects in 2013

Contributions from Venezuelan state-run oil company Pdvsa will amount to USD 19.3 billion

Oil windfall revenues will be allocated to social programs commonly known as great missions (File photo)
Friday November 02, 2012  11:36 AM
As provided for in the draft Budget Law for fiscal year 2013, recently submitted to the National Assembly, Venezuelan state-owned oil company Pdvsa has been once again assigned the task of financing social plans and those concerning production. 

The FY2013 budget indicates that the funds to finance welfare programs commonly known as missions, labor liabilities, and production programs will stem from ordinary and special contributions from the oil sector.

To cover public expenditure in 2013, the Government has estimated oil sector contributions at USD 19.3 billion. Additionally, it expects contributions to be higher due to windfall oil revenues and the so-called parallel funds fueled by different financing sources.

The FY2013 budget stipulates the incorporation of new leveraging mechanisms and long-term domestic investment through oil sale agreements entered into by Venezuela and China.

Translated by Jhean Cabrera
Whose victim am I?

They are marching in step to the same tune. There is a coordinated effort to position the idea. The Twitter hashtag  #YoSoyVictimaDeLaGuarimba (I'm a victim of "guarimbas", or protest barricades) can be read on all pro-government Twitter accounts, including those of the ruling United Socialist Party of Venezuela (PSUV), the National Assembly's Press Office, the state-run food distribution network PDVAL, state airline Conviasa, the Venezuelan embassies in foreign countries, radio stations and the huge media network responsive to the Government's interests and messages.

fotter Estampas
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