- The figures are based on audited results carried out by international accountants KPMG for PDVSA, which in recent years has dropped the habit of regularly publishing annual financial figures.
News of the sharp rise in debt comes amid questions about the impact PDVSA's spending on social welfare programs at the behest of President Hugo Chávez might be having on the corporation's balance sheet. And all the more so as world oil prices come off the top amid suggestions they may already have peaked. Estimates vary in the absence of official figures from PDVSA, but it's suggested the corporation steered over $6 billion into social spending last year.
However, even despite the fact that this money no longer goes to the BCV, the official reserves don't appear to be sufferring: they still stand above $30 billion.
Last year's borrowing spree at PDVSA prompts suggestions that the corporation has changed tack on credit policy.
In 2002, when the economy was hard-hit by the worst recession in modern Venezuelan history, and world oil prices were nowhere near the level they are today, PDVSA's debts totalled $8.243 billion.
This comment has been removed by a blog administrator.
ReplyDeleteThis is absolutely nothing to worry about. PdVSA will have funds and technology whenever they need it. They just might not be pumping it out in future as fast as these vultures want -- that's all. That's really what this relentless fear-mongering is all about. In fact, the corporate mass-media in el Norte have a vested interest in playing up fear and uncertainty against people and governments they are in competition with. They thrive on our ignorance and gullibility. We shouldn't oblige them.
ReplyDeleteThe first thing latin americans have to do if they intend to win the media war with the Empire is to not play this rigged game. Venezuela's oil is not the private property of Wall St. or City of London investors anymore. And Venezuela's money is its own. If the world's greedy investors no longer want to invest in Venezuela -- that's their bloody loss. In fact, people like me don't really want them around. Period. Anywhere.