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News > Latin America

Venezuelans Rally in Support of 'Sovereign Budget'

  • The rally was attended by hundreds in Caracas and other nearby cities.

    The rally was attended by hundreds in Caracas and other nearby cities. | Photo: Twitter / @jaarreaza

Published 18 October 2016

The people of Venezuela are defending the 2017 state budget, discussed and approved by themselves in popular assemblies.

Venezuelans took to the streets Tuesday in Caracas to express their support for the 2017 budget decreed by President Nicolas Maduro, which aims to continue the social investments initiated by the Bolivarian Revolution.

Venezuelan Budget Won't Come from Oil, Will Go to the People

The protest follows Maduro announcing Friday that 83 percent of the budget, estimated at over US$830 million, will come from tax revenues and 11.9 percent will be financed by special contributions from socialist enterprises.

The rally began early in the morning and was organized by the ruling United Socialist Party of Venezuela, or PSUV, and saw supporters travel from various states.

"The people mobilize to support the approval of the budget for 2017"

"Now the GMBNBT is present at the Great Patriotic March"

On Friday, when the "Sovereign Budget" was announced, President Maduro confirmed that only 17 percent of the budget would come from oil, based on government planning that calculates a barrel of oil priced at US$30.

Vice President for Planning and Knowledge Ricardo Menendez also announced Friday that 74 percent of spending is devoted to social projects, 50 percent to health, education and social programs, and 24 percent to infrastructure development and public works.

Venezuela Street Passes 2017 Budget, Bypassing Right-Wing

The budget was approved by President Maduro after consulting a popular, grassroots assembly. It was presented directly to the Supreme Court for approval, bypassing interference from the country's right-wing opposition in the National Assembly.

The Supreme Court had previously declared invalid all acts of the National Assembly after the organization swore-in three legislators who had been suspended over irregularities during their campaigns.

The Venezuelan right wing has also been accused of sabotaging the economy, provoking violence to destabilize the country and having no interest in solving the nation's economic problems.

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