Venezuelan Public Debt Reduced by 23% of GDP
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T&T Venezuela Bolivarian Solidarity
Aug 13, 2007, 9:13:13 AM8/13/07
to Venezuela Solidarity@Google
The
Venezuelan Finance Vice-minister of Regulation and Control, Carlos
Ramones, made clear that the Venezuelan public debt amounts to little
more than US $ 40,000 million, that is to say, around US $ 25,000
million in foreign debt and US $15,000 million in domestic debt.
These figures represent 21.8% of Venezuela’s GDP, which implies a reduction of 23% when compared to 1996, when it amounted to 44%.
Thus, he responded to statements delivered by Nicolás Sosa, leader of the opposition political party Movimiento al Socialismo (MAS), who said that “the country’s current debt amounts to over US $ 70,000.”
The Venezuelan vice-minister also said that this statement is irresponsible and false. Likewise, he invited Sosa to show his figures, check and compare them to figures issued by the Ministry of Popular Power for Finance.
“We invite you to debate in order to show you how we manage the Republic’s debt, economic indicators and other issues,” he said.
Ramones recalled that in the year 1996, Venezuela’s public debt represented 44% of the GDP (35% foreign debt) and today it is 21.8% of the GDP (13.8% foreign debt and 6% domestic debt). “We have achieved an effective reduction. We have to measure the debt according to our economy’s size.”
Economic Strength
The Venezuelan finance vice-minister added that Venezuela’s economic strength is undeniable thanks to the GDP’s growth. This fact refutes the opposition sector’s claims portraying a pessimistic economic scenario where poverty increases and private investment reduces.
Ramones said that these false claims seek to destabilize and fill the population with fear.
“Our economy has grown for 14 consecutive quarters and we are going to keep growing in 2007 and 2008. Regarding inflation, current percentages are easy-to-handle. I want to remind right-wing leaders that we have reached good levels in 1989 (Retail Price Index (RPI) = 84.5%) and 1996 (RPI = 103%).”
He also recalled the undeniable achievements of the Bolivarian Government in the social field. For instance, the eradication of illiteracy, the reduction of poverty, Latin America’s highest minimum wage (US $ 286, not to mention food tickets) and the growth of productive sectors.
He pointed out that the private sector has contributed to strengthening Venezuela’s economy as it registered increased investments.
Likewise, he mentioned a 51% growth in the automobile sector and the construction of houses.
These figures represent 21.8% of Venezuela’s GDP, which implies a reduction of 23% when compared to 1996, when it amounted to 44%.
Thus, he responded to statements delivered by Nicolás Sosa, leader of the opposition political party Movimiento al Socialismo (MAS), who said that “the country’s current debt amounts to over US $ 70,000.”
The Venezuelan vice-minister also said that this statement is irresponsible and false. Likewise, he invited Sosa to show his figures, check and compare them to figures issued by the Ministry of Popular Power for Finance.
“We invite you to debate in order to show you how we manage the Republic’s debt, economic indicators and other issues,” he said.
Ramones recalled that in the year 1996, Venezuela’s public debt represented 44% of the GDP (35% foreign debt) and today it is 21.8% of the GDP (13.8% foreign debt and 6% domestic debt). “We have achieved an effective reduction. We have to measure the debt according to our economy’s size.”
Economic Strength
The Venezuelan finance vice-minister added that Venezuela’s economic strength is undeniable thanks to the GDP’s growth. This fact refutes the opposition sector’s claims portraying a pessimistic economic scenario where poverty increases and private investment reduces.
Ramones said that these false claims seek to destabilize and fill the population with fear.
“Our economy has grown for 14 consecutive quarters and we are going to keep growing in 2007 and 2008. Regarding inflation, current percentages are easy-to-handle. I want to remind right-wing leaders that we have reached good levels in 1989 (Retail Price Index (RPI) = 84.5%) and 1996 (RPI = 103%).”
He also recalled the undeniable achievements of the Bolivarian Government in the social field. For instance, the eradication of illiteracy, the reduction of poverty, Latin America’s highest minimum wage (US $ 286, not to mention food tickets) and the growth of productive sectors.
He pointed out that the private sector has contributed to strengthening Venezuela’s economy as it registered increased investments.
Likewise, he mentioned a 51% growth in the automobile sector and the construction of houses.
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