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$12 billion transferred to the National Development Fund

In accordance with the Law of the Central Bank, last week $12 billion were transferred to the National Development Fund (Fonden) to continue advancing national development projects.  Hugo Chávez, President of the Bolivarian Republic of Venezuela, released the news during a Ministerial Council meeting in Miraflores Palace.

President Chávez affirmed that through appropriate measures taken by the Bolivarian government, the national economy has been strengthened and currency reserves have significantly increased.

“We have, as a result of effort and the management of our reserves and our resources, especially oil, accumulated over 40 billion dollars; we ended [2008] with 42.2 billion dollars.  Countries like Germany do not have that level of reserves,” the President explained.

He also added that thanks to these reserves, Venezuela has the resources to guarantee imports for up to two years.

President Chávez then refereed to the price of oil and reiterated that the country’s development will continue: “Put the price of oil at zero and this country would not be stopped.  We have a government here and we know what we are doing, where we are going and which levers and controls must be moved; so we have taken measures for the short term, with a price of oil that has stayed around 30 dollars.”

The President indicated that during the Ministerial Council meeting, funding for agricultural, infrastructure and environmental projects was approved.  “We have begun to assign these funds at the start of the year to guarantee the continuity of hundreds of public works.  The development of the country will not be affected by the global [economic] crisis,” he noted.

Speaking about another topic, President Chávez reiterated that destabilizing actions will not be allowed in the country.  “We cannot allow [certain opposition groups] to cause disturbances in the country.  We cannot allow them to destabilize the country and fill the streets and television screens with fear,” he stressed.

Presidential Press, Embassy of the Bolivarian Republic of Venezuela Press Office/January 26, 2009

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