The Venezuelan government is increasing its spending by almost 40% in 2024 and seeking more oil projects. Meanwhile, schoolchildren are staying home.
Oil Flush and Broken Schools
The Venezuelan government expects its oil revenue to increase 27% in 2024 according to an unpublished annual budget proposal seen by Reuters. Spending is expected to be $20.5 billion: an increase of 39% compared to 2023.
Revenue from oil exports and taxes paid by PDVSA would cover 58% of total government spending, equivalent to about $11.9 billion, according to the document. PDVSA’s contributions this year were $9,340 million.
Meanwhile, also according to Reuters, Venezuela is hoping that BP, Chevron and Shell revive the Plataforma Deltana: an offshore project of 8 trillion cubic feet of gas reserves in the maritime border with the area disputed with Guyana.
Of course, things aren’t as bright for the people on the ground: according to the Red de Observadores Escolares, there were 3.89 school days per week on average in Venezuela between January and July 2023. 22.3% of the school calendar was lost in the first semester of the year. 30.3% of schools stop school activities due to failures in the water supply.
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