New budget = New military toys

Here’s your future social spending at work…

The Chavernment presented this week its blueprint for the 2013 National Budget, which includes a huge total: 396.406 Millions of Bs. (33% higher than its predecessor).

FONDEN and the other parallel funds will have no problem, as the price of the oil barrel is calculated in 55 US$ and the exchange rate will remain at 4,30 Bs. per dollar.

However, the arms binge will go on, as 10% of the proposed budget is allocated for “defense spending”. Finance and Planning Minister Jorge Giordani defended this as something done “…in a geopolitical sense.”

What’s the next big item in the FANB’s shopping list? The Yak-130 light aircraft.

Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.