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Andean Group - September 2011 (ISSN 1741-4466)

VENEZUELA: Unpicking the Fonden

The lengthy mystery over Venezuela’s executive controlled off-budget National Development Fund (Fonden) is gradually being solved by some tenacious opposition bloggers. Even taking into account the fact that these blogs are openly against the government led by President Hugo Chávez, the numbers as provided by the finance ministry don’t appear to lie. Yet the Fonden doesn’t seem to have much of an economic impact locally, suggesting poor management and, inevitably, official malfeasance.

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