IMF forecasts drop in Venezuela's oil revenues
The body is to cut Venezuela's growth forecast for 2013
IMF's Research Department Division Chief Thomas Helbling said that economic growth forecasts for Venezuela may be cut down, yet he refused to disclose the estimated adjustment before the IMF issues its Global Economic Outlook.
The multilateral body also estimated that the price of the oil basket is to drop 5% in 2013 and 3% in 2014 to USD 100 and USD 97, respectively.
Helbling added that the decline of the oil price will imply "reduced revenues from oil exports, but I believe that the issue in Venezuela is not oil price, but the abatement of production and political uncertainly."
According to the Venezuelan Government, the country's oil output stands at 3.1 million barrels per day, yet analysts believe that the real figure is lower considering that Venezuelan state-run oil company Pdvsa has focused on welfare programs in detriment of its core activities.
In a meeting held in October 2012, the IMF estimated Venezuela's growth at 3.3% in 2013.
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.