NewsWhore
06-29-2010, 07:10 PM
The Government Council decided yesterday to cut capital investments and government institutions' fixed charges by 40% and to transfer these funds to the Public Electricity Corporation (CDEEE) for paying power generators. The electricity system is in deficit and requires these lump sums from the government to pay the power generators for the remainder of the year, as reported in El Dia.
In a meeting chaired by President Leonel Fernandez the council also confirmed its decision to use the US$134.4 million that Venezuela will pay for its 49% stake in the Dominican Petroleum Refinery to fund the subsidy.
There is a US$380 million deficit in the amount of funds the power distributors have budgeted from collections.
The approximately 20% reductions in budgets of government institutions and a further 20% in capital investment programs will last from now through December, announced Hacienda Minister Vicente Bengoa. The minister said a bill would be sent to Congress to formalize the decision.
El Dia reports that the government decided to postpone the elimination of the subsidy that benefits poor households until 2012, and not in 2010 as originally planned. 2012 is a presidential electoral year.
More... (http://www.dr1.com/index.html#1)
In a meeting chaired by President Leonel Fernandez the council also confirmed its decision to use the US$134.4 million that Venezuela will pay for its 49% stake in the Dominican Petroleum Refinery to fund the subsidy.
There is a US$380 million deficit in the amount of funds the power distributors have budgeted from collections.
The approximately 20% reductions in budgets of government institutions and a further 20% in capital investment programs will last from now through December, announced Hacienda Minister Vicente Bengoa. The minister said a bill would be sent to Congress to formalize the decision.
El Dia reports that the government decided to postpone the elimination of the subsidy that benefits poor households until 2012, and not in 2010 as originally planned. 2012 is a presidential electoral year.
More... (http://www.dr1.com/index.html#1)