Together with the budget project, the annual operating plan was consigned, which contemplates 1,093 projects to be executed in each one of the ministries, and the Law of Indebtedness of the Republic, with 33 projects. The 2022 budget was calculated at Bs 62,085,722,000 (approximately $14,110,391,363 at the official rate), of which Bs 61,398,911,000 was allocated to the Executive Power, which was equivalent to 98.43%
Planning Minister Ricardo Menéndez delivered this Friday the 14th the nation’s budget bill for 2023 to the National Assembly elected in 2020, but avoided saying the amount that Nicolás Maduro’s administration aspires to manage next year.
In a brief act at the Federal Legislative Palace, where he was received by the first vice president, Iris Valera, and deputy Jesús Faría, president of the Finance Commission; The minister said that, as in previous years, this budget is mainly oriented towards social investment within sectors such as education, health and public services (water, electricity, roads and gas).
#14Oct || 1st. Vice President, Iris Valera:
“For us as the Directorate of the AN, as deputies and deputies, it is an honor to receive from the ministers of the revolutionary cabinet, the Budget Law and the Indebtedness Law.” pic.twitter.com/2QgX1LN1fN
– National Assembly ?? (@Asamblea_Ven) October 14, 2022
Menéndez said that this new budget “has been made with a vision of austerity for resources and learning in the context of the war,” and that the government’s objective is “to reestablish the country’s baselines.”
“We aim to reestablish the population’s life baseline in 2023, the reestablishment of the baseline of services, infrastructure, logistics systems and, of course, the economy. If you do not have the reestablishment of the supply logistics lines, the growth of the economy can occur with overheating, then we are interested in the existence of a new base line to be able to face the process that continues in the future”, he told the portal Chronicle.One.
In addition to the budget project, the annual operating plan was consigned, which includes 1,093 projects to be executed in each of the ministries; and the Law of Indebtedness of the Republic, with 33 projects.
Regarding the source of income, in addition to oil, the Minister of Planning said that “more than the return on income, it is an issue from the point of view of orientation (…) There is a direction of spending based on the expectation that is has by sectors of branch of economic activity and by economic actors of the country”.
#14Oct || Minister of Popular Power for Planning, Ricardo Menéndez:
“We are seeing the first year of what could be the first year of a stage of the new normality in the framework of the Pandemic.” pic.twitter.com/I7i9Sp53j4
– National Assembly ?? (@Asamblea_Ven) October 14, 2022
For this reason, they focused on allocating resources to the agricultural and agro-industrial sector, to generate new sources of income and exports.
The 2022 budget was calculated at Bs 62,085,722,000 (approximately $14,110,391,363 at the official rate), of which Bs 61,398,911,000 was allocated to the Executive Power, which was equivalent to 98.43%.
In addition, it was delivered without calculating revenue per barrel of oilthe main source of income, as well as the Gross Domestic Product (GDP), inflation rate and official exchange rate.
*Also read: Venezuelan budget is the fourth least transparent in the world, according to a survey
Ricardo Menéndez informed that they will soon defend the budget in the National Assembly, and that “there will be detailed numbers of what corresponds to the total amount of the nation’s budget (…) The fundamental thing is a budget at a time of inflection towards the growth of the economy of Venezuela”.
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