They transact third loan with China by $4 millardos

The heavy bottom with China receives resources by $6 millardos (File)

The National Executive is transacting more resources to finance his projects.

President Cold Hugo Chavez announced that a third loan with the Development bank of China by the amount of 4 millardos of dollars is negotiating in order to feed the binational bottom.

According to the agent chief executive, minister of Energy and Petróleo and president of Pdvsa, Rafael Ramirez is realising the managements for that financing, that will be cancelled with crude, the past reiterated the Chief of State in the Aló President of Thursday.

The joint bottom with China is a rotatory scheme, so that insofar as the resources are executed it returns to carry out a contribution. The mechanism is satisfied by 6 millardos of dollars, of that amount 4 millardos of dollars give the Asian nation and 2 millardos of dollars give Venezuela.

The first contributions to the heavy bottom were realised in 2008 and at the end of the past year they were had it jeopardize in projects 4 millardos of dollars, being pending the execution of 2 millardos of dollars for this exercise.

The past month of February, China returned to give another financing by 4 millardos of dollars to deposit to him to the mechanism and of equal way the Government contributed 2 millardos of dollars that arose from the Fonden and the resources of the Bandes. Now another contribution is expected.

Scheme the financings that to him the Development bank of China grants pay through shipments of crude. Those barrels comprise of the exemptions that the oil industry to the state treasury cancels.

From 2008 the office of the public finances receives contributions and in species in cash (barrels). Petroleum the financial report of Venezuela corresponding to the past year emphasizes that the exemptions in species were 2.2 millardos of dollars.

According to the anticipated thing in the agreement, Pdvsa notifies the central Government, in this case to the Ministry of Finances, that a part of the contribution will take place in barrels, which have a value that is registered in the numbers of the office.

The corporation later is in charge to sell those volumes of crude to the company with which (Chinaoil) exists the agreement and soon the oil one deposits the payments in accounts in the outside that has the Bandes. This way the local development bank is in charge to amortize the loan.

The request of a new financing reflects the needs that the national Executive has to take care of his policy of cost. Although in the first trimester of the year the authorities indicated that it was in an austerity stage little by little is retaking the expansive footpath that was registered in other exercises. MAH