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BUDGET

Venezuela's deficit in 2013 to account for 3.9% of the GDP

The Ministry of Finance hopes for better results by the end of 2013

Government expenditure in 2013 will amount to USD 92.1 billion (File photo)
EL UNIVERSAL
Monday December 03, 2012  04:00 PM

According to its current estimates, the Venezuelan Government will be facing a fiscal gap next year. As provided for in the draft Budget Law for fiscal year 2013, Venezuela will be suffering a deficit of 3.9% of the gross domestic product (GDP). Thus, income will not be sufficient to meet expenditure.

Although FY 2013 allocations will account for USD 92.1 billion and indebtedness for USD 22.1 billion, the authorities fear a fiscal deficit. 

As explained by the Planning and Finance Minister in the budget law, the deficit will be attributed to "moderate estimates in oil revenues based on minimum risks. The estimates aim at preventing income fluctuations from harming the already established macroeconomic goals."

The legal instrument provides that the gap also stems from "ongoing spending of capital mainly oriented to invest in projects for social and production development with funds from growing liabilities. Allocations to keep up with operations in the public sector are wholly met by current income as set forth in the provisions for budgeting."

As outlined in the budget law, the minister hopes for "an improvement of the results (the deficit) by the end of the fiscal year sparked by oil windfall revenues."

Translated by Jhean Cabrera
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Is protest over?

That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending  in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.

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