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Economy & Business - December 2003

VENEZUELA: Budget approved, opposition alleges devaluation

The president of Fedecámaras, the group that speaks for big business, said that 2003 has been another lost year for Venezuela. Albis Muñoz, the president of Fedecámaras, criticised the government for printing or borrowing money to cover the fiscal deficit. She said that this policy will have a pernicious effect on the economy. The galling point, she said, was that the government had enjoyed plenty of resources, thanks to the soaring oil prices, but delivered little in the way of results. She said that there was no evidence of coherent economic planning.

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