Venezuelan Congress seeks reform of law on oil windfall revenues

The bill submitted by the Venezuelan Parliament's Secretariat was okayed by the Finance Committee with no modifications whatsoever

The second reading of the draft reform is taking place on Wednesday afternoon (File photo)

ERNESTO J. TOVAR | EL UNIVERSAL

Wednesday February 20, 2013 04:14 PM

The Venezuelan National Assembly's Finance Committee approved in a first reading the bill put forward by the National Assembly's Secretariat seeking the reform of the law on oil windfall revenues.

The proposal was approved with no objections whatsoever. Ruling party legislators in the finance committee suggested holding a second discussion in the plenary session.

Opposition deputies, however, claimed that the bill failed to comply with all the constitutional procedures of public consultation. They argued that it was only posted on the National Assembly's website on Tuesday, and that the financial contributions set forth in the reform are intended to create a fund similar to the National Development Fund (Fonden), rather than establish a savings fund to prevent any macroeconomic disturbances.

The second reading of the bill is taking place on Wednesday afternoon in a special meeting convened for such purpose.

Translated by Jhean Cabrera

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