A budget for socialist development

Minister Faria: 2012 budget corresponds to the development of a socialist project

Caracas, 13 December, AVN

Translation by Owen Richards

The vice-president of the Permanent Commission of Finance and Development in the National Assembly, Jesus Faria, said that the budget for 2012 corresponds to a socialist development project for Venezuela.

China-Venezuela financed housing in Nueva Esparta

He mentioned this on Tuesday after the session that approved the national budget, which will provide 40% for social investment, which was voted against by the opposition bloc.

“It’s going to raise the level of health and education services, of housing, and of the overall quality of life of Venezuelans”, he explained.

He said that the Budgetary Law for 2012 that reaches 297.8 billion Bolivares [US$69.34 billion] is aimed at meeting the people’s needs.

Faria ratified, furthermore, how important social and productive financing had been for the country, through such instruments as National Development Fund (Fonden) and the China-Venezuela Joint Fund.

“Without these funds it would have been impossible for us (as the government) to meet the needs of the population and to have a growing economy for 2011 and 2012”.

He pointed out that resources for social investment obtained through the Joint Fund with China benefit the nation because they come with interest rates at least 50% lower than those imposed by the rest of the international financial system.