VOL. XLI
No. 40
5-October-1998
OPEC
Declining Oil Prices And Budget Revenues
In Venezuela, the Minister of Finance, Ms. Maritza Izaguirre,said on 30 September that the government will cut public spending by a further $736mn tocompensate for lower oil revenue. Ms. Izaguirre added that the state oil company, PDVSA,will pay the government an extraordinary dividend of $937mn (largely from PDVSAsundistributed profits for 1997) to cope with the 1998 fiscal deficit. On 1 October Ms.Izaguirre added that...
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