April 14, 2021

The Venezuelan Constituent approves a budget of USD 3.857 million for 2019

The Venezuelan Constituent approves a budget of USD 3.857 million for 2019

The National Constituent Assembly (ANC) of Venezuela, integrated only by pro-government, today approved the budget of the oil country for the year 2019 that stands at 1.5 trillion bolivars or 3.857 million dollars according to the official rate of change.

The Central Bank (BCV) says that a US dollar today amounts to 388.83 bolivars, which shows a deep depreciation of the local sign because when the budget was presented by the Executive to the ANC last October, the amount was around 23,900 million of dollars.

However, the Venezuelan currency falls every day against the dollar that only this month has become 160% more expensive in the middle of the economic crisis and hyperinflation that, according to the Parliament, will close the year above 2,000. 000%.

The constituent Andrés Eloy Méndez explained during the session that unanimously approved the budget that three quarters of this amount will be allocated to "social protection", that is, to finance the aid programs maintained by the Government and other services such as health and education, affected by the crisis.

Of the total, the Chavista indicated, 304 billion bolivars will come from the collection of the Treasury, 500 billion will be obtained through international public credit and 724 billion of oil production.

"We intend to exceed 2 million barrels of production per day for next year," he said, adding that they estimate a price that ranges between 55 and 60 dollars per barrel of crude oil.

The Organization of Petroleum Exporting Countries (OPEC) warned last week that oil production continues to fall in Venezuela and is located at 1,137 million barrels per day (mbd).

The ANC, a forum known as fraudulent and not recognized by many governments, also believes it is convenient to resort to the refinancing and rescheduling of the debt for an amount close to 270 billion bolivares, about 694 million dollars.

Méndez explained that among the goals of the Executive of Nicolás Maduro for the next year are to incorporate 800,000 new pensioners, build 500,000 new houses of the government program and maintain free education for 7,600,000 preschool, primary and secondary students.

In this regard, the president of the ANC, Diosdado Cabello, commented that it is a "budget that has nothing to hide" and responds to a "war" that he attributed to foreign governments.

He reiterated that the situation of widespread scarcity in Venezuela is not the fault of the Government but of the "war" against the country, and invited to celebrate that in the midst of those circumstances the budget was prepared by "the people" and not by the Monetary Fund International or the World Bank.

On oil prices said that if it were to rise above 60 dollars, the surplus will be invested in greater "social protection" although, he denounced, "the United States is doing everything it has to do to lower even more" the price of the crude.


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