Venezuela relies on oil for 94 percent of exports and nearly half the government budget. Finance Minister Ali Rodriguez said the government has enough savings to avoid serious problems this year but nevertheless plans cutbacks.On Sunday, Rodriguez said that he was unsure of what other economic steps the Chavez administration would take until crude oil prices stabilized. Meanwhile, energy minister Rafael Ramirez warned said that OPEC may have to institute new output costs next month.
The world financial crisis "keeps brewing darker clouds that are affecting us through oil prices," he told Union Radio.
Rodriguez did not provide specific figures but said the government will be "more rigorous" with tax collection to help balance the budget. Some "unnecessary imports" will be eliminated to conserve foreign currency, he said.
Image- BBC News
Online Sources- Bloomberg, IHT, The Latin Americanist
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