Venezuela Fiscal


Government presents 2012 draft budget

On 20 October, Finance and Planning Minister Jorge Giordani presented the draft budget for 2012 to the unicameral National Assembly. The document projects expenditures to reach VEF 297.8 billion (USD 69.3 billion), which represents a 46.6% nominal increase over this year's budget. The 2012 budget aims to stimulate jobs, production and social services ahead of the 7 October 2012 presidential election. According to the draft budget, only 22.8% of the income will come from oil revenues, based on the assumption of an average price of USD 50 per barrel for the Venezuelan mix of crude oils. The assumed oil price was up USD 10 over this year's budget. Venezuelan authorities tend to underestimate the price of oil, as the surplus revenues obtained when oil prices exceed the assumed price gives the Ch

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