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LIVE

Saturday, 30 August, 2008, 11:40 GMT | more prices >>

Venezuela reserves reform gets nod

By Upstream staff

Venezuela's National Assembly has given its initial approval to a reform that will give President Hugo Chavez's government access to at least $5 billion in oil income which would otherwise form part of the nation's foreign reserves.

Last night, pro-Chavez lawmakers used their majority in the 165-seat parliament to push through the first draft version of the proposed reform, which opposition lawmakers complained would allow the government to tap the reserves at will.

In protest, opposition deputies declined to vote on the proposal, which was approved by a simple show of hands. "Evidently a majority," the assembly's pro-Chavez president, Nicolas Maduro, announced.

The draft Bill reforming an existing central bank law will be returned to the assembly finance committee for more discussion and drafting before being presented to the house again for final approval, Reuters said.

The reform move follows insistent public assertions by left-winger Chavez that Venezuela's foreign reserves - swelled to over $28 billion by soaring oil prices and two-year-old currency controls - are too high and should be partly used to fund urgent social and development projects.

The move will channel at least $5 billion of oil export revenues this year that would otherwise constitute reserves into a special development fund to be used for Chavez's social programmes and to improve the nation's debt profile.

Venezuela's central bank will determine exactly how much money will be placed in the fund over an agreed timetable and also establish an optimum level for the reserves. The reform proposal suggested $20 billion as an "adequate" level.

Critics say the reform is part of the populist president's efforts to gain more direct control of oil revenues. They accuse the former paratrooper of squandering oil wealth on programmes they say fail to create sustainable growth.

Supporters of Chavez say he is reversing years of social neglect and corruption.