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Venezuela spent half development fund reserves, Universal says
By Theresa Bradley
Bloomberg
CARACAS
Petroleumworld.com 04 11 07
Venezuela's government has spent half of the $22.5 billion it has collected in an off-budget National Development Fund, known as Fonden, since October 2005, El Universal reported, citing Finance Ministry data.The government has pledged $17.2 billion of Fonden's dollar reserves, contributed by state oil company Petroleos de Venezuela and the nation's Central Bank, and so far spent $11.3 billion, including $7.9 billion to finance 114 social and infrastructure projects and $3.4 billion to buy back foreign debt last year, the newspaper said.
Part of the $5.3 billion not yet appropriated will help pay for planned nationalizations in the telecommunications and energy industries, the newspaper said, citing Finance Ministry data.
About $6.2 billion of Fonden's resources are held in bonds, some with terms until 2012, which will not be sold until they mature, Finance Minister Rodrigo Cabezas said, according to the newspaper. About $1.8 billion in structured notes come due this year, the newspaper said.
(El Universal 4/9, 1-15) To contact the reporter on this story: Theresa Bradley in Caracas at tbradley7@bloomberg.net .
Last Updated: April 9, 2007 10:03 EDT
Bloomberg 10 04 07Copyright© 2007 Bloomberg. All Rights Reserved.
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