Venezuela's new Finance Minister Ali Rodriguez pledged to maintain foreign exchange and price controls

Venezuela's new Finance Minister Ali Rodriguez, appointed yesterday by President Hugo Chavez, pledged to maintain foreign exchange and price controls and said he won't cut social spending amid quickening inflation. The new finance minister, Chavez's ninth since he took office in 1999 and set about implementing ``21st century socialism,'' will be tasked with reigning in the fastest inflation in Latin America and stemming a slowdown in economic growth in the oil-exporting economy. ``Ali embodies a series of attributes: He's experienced, he's a revolutionary, he's studious and honest,'' Chavez said yesterday after announcing Rodriguez's appointment on his Sunday television broadcast. The president said June 11 he'd cut a tax on financial transactions, deepen agricultural subsidies and offer $1 billion in loans to companies to boost manufacturing and food output after investment contracted in the first quarter. The economy expanded 4.8 percent in the January through March period, the slowest pace in more than four years. ``There are no changes of any kind planned'' in Venezuela's foreign-exchange policy, Rodriguez said yesterday in a telephone interview. He said he supports Chavez's current efforts to reduce inflation without cutting social spending. While the finance ministry is still considering a planned debt buyback, Rodriguez said he'll have to study the situation before commenting.