Venezuela Plans Tighter Budget

Por Venezuela Real - 5 de Octubre, 2008, 17:34, Categoría: Política Internacional

THE ASSOCIATED PRESS
The New York Times
October 05, 2008

CARACAS, Venezuela (AP) — Bureaucrats in oil-rich Venezuela can look forward to fewer expensive S.U.V.’s, top-of-the-line cellphones and whiskey-fueled parties next year.

Finance Minister Alí Rodríguez said Sunday that Venezuela’s 2009 budget “will have significant restrictions” compared with this year’s $63.9 billion plan, as President Hugo Chávez’s government keeps a close watch on falling international oil prices.

Flamboyant spending is common within Venezuela’s bureaucracy-heavy administration.

Buoyed by historically high oil prices, Mr. Chávez has increased public spending in recent years. But fallout from the financial crisis in the United States has caused prices to spiral downward. Venezuela relies on oil income for more than 40 percent of its budget.





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