Central bank assistance to state-run Pdvsa stands at USD 29 billion
Assistance over the last 12 months has spiked to 79%
By October 26, the BCV had allocated USD 29 billion to Pdvsa, compared to only USD 16.2 billion during the same period in 2011.
During October this year, the financial aid amounted to USD 30.4 billion. Although by the end of that month the oil company had arranged to pay its liabilities, it only reduced its debts by USD 1.3 billion.
The BCV began providing financial assistance in the first half of 2010 when it received promissory notes that Pdvsa had issued to the National Treasury. Since then, financial assistance has not stopped.
Translated by Jhean Cabrera
President Nicolás Maduro is not only the heir to the throne, but also to an economic crisis which demanded urgent measures to rectify the course. The crisis showed up in two aspects: a 50% inflation estimate, and shortage of staples ranging between 70% and 98%. These issues might hit the President's poor popularity; considering his feeble electoral victory of 1% over his challenger.