Jorge Giordani, the Minister of Finance and Planning, submitted the draft Budget Law and the Debt Law for fiscal year 2012 to the National Assembly (AN). Both of them should be approved by December 15.
According to the submitted legal instruments, the Venezuelan government will have a preliminary expenditure of USD 69.25 billion in 2012. The draft budget also includes a USD 19 billion debt.
According to official estimates, the economy will expand 5%, the price of oil will stand at USD 50, the exchange rate will be VEB 4.3 per US dollar and the projections for inflation will fluctuate between 20% and 22%.
"The budget policy is prudent (...) We have implemented a rationalization of resources," Minister Giordani stressed during the presentation of Venezuela's 2012 budget. "In the 2012 budget we will encourage missions (social welfare programs)."
http://www.eluniversal.com/economia/111021/venezuelan-government-borrows-usd-19-billion-in-2012
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