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)

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Dividends and parallel funds to meet additional public expenditure

MAYELA ARMAS H. | EL UNIVERSAL

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

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