Chavez picks loyal oil man as finance minister | Markets | Bonds News | Reuters

Venezuela's President Hugo Chavez ended days of speculation on Sunday and named Ali Rodriguez, a trusted ally who has also served as head of state oil company PDVSA, to lead the finance ministry. Rodriguez, who was a fighter in the Venezuelan guerrilla movement in the 1970s, is currently ambassador to close ally Cuba. He was once secretary general of OPEC and has served as foreign minister. 'Ali Rodriguez is going to be the new finance minister,' Chavez said on his weekly television show. 'He is a man of great experience and honesty. A card-carrying revolutionary.' Venezuela is struggling with high inflation during an oil boom despite measures to cool the economy. Chavez refuses to cut public spending to fight inflation, and it is unlikely that Rodriguez will change that in an election year. The policy announcement most keenly awaited by investors is a debt buyback expected to be at least $1.5 billion that firmed Venezuelan debt spreads after officials leaked in May that it was imminent. At 70 years old, Rodriguez has suffered from poor health. As well as being ambassador to Cuba, he is also a top leader in Chavez's new socialist party, which is preparing for key elections for governors and mayors in November.