Economy

Ali Rodriguez, Venezuela's minister for economy and finances, announced the need for a tight 2009 budget on Sunday, but assured that Venezuela's international reserves are safe and the economy remains unaffected by the global financial crisis.

The presidents of Venezuela, Ecuador, Bolivia, and Brazil met in Manaus, Brazil, on Tuesday to advance the economic and political integration of the South American continent. They discussed plans for expanded infrastructure, the formation of new banks among nations in the Global South, and the impact of the world financial crisis on their countries.

Venezuela and China signed accords Tuesday to increase the flow of Venezuelan oil to China, increase Chinese investments in Venezuelan telecommunications and agriculture, and double the size of a previously established joint investment fund.

Venezuelan President Hugo Chávez announced Sunday that the government will build 21 local electricity generating plants to reduce Venezuela's dependence on hydroelectricity and satisfy the rapidly growing energy demand nationwide.

The Venezuelan economy is solid, in contrast to current world financial turbulence and despite the drop in oil prices, Venezuelan president Hugo Chavez said in a press conference yesterday.

Farmers, industrial workers, community councils, students, local and national government officials, and international experts converged in an economic forum titled "Local Alternatives to Confront the Crisis of Capitalism" in the rural town of Carora in central Venezuelan state of Lara last week.

The Venezuelan government will incorporate the large estate "El Frio," in the state of Apure, into the units of socialist livestock and agricultural production, after recovering it through the National Land Institute.

Following nationwide blackouts, the Venezuelan government acknowledged its responsibility and outlined a plan to fix the ongoing problem.

Advocating South American integration, President Hugo Chávez oversaw the signing of contracts with Argentine firms to construct “Socialist Factories” in Venezuela on Thursday and inaugurated joint oil exploitation in the Orinoco River Belt with Ecuador on Friday.

Venezuela's National Assembly completed its first reading of a new law on Wednesday, which would put distribution of fuel back into the hands of the government, in an effort to reduce middleman profits, improve service and working conditions, and prevent smuggling of fuel across the border.