Archive for June 22nd, 2003

Some interesting comments by Economist Gustavo Garcia

June 22, 2003

Economist Gustavo Garcia said a few interesting things in the interview today in page 1-17 of El Universal. I thought I would highlight a few of them:


-“Internal revenues has declined and oil revenue is falling, because PDVSA is not collecting what it says it is selling , nor it produces what it announces and the level of exports does not correspond with what they argue they are selling, because in that case international reserves should be increasing more”


-“This year the Government will pay 4  trillion Bs. in interest and internal debt will increase in the same proportion”


-“The increase in international reserves of US 3.5 billion is exactly the same amount that the Central Bank has had to absorb in its operation to reduce liquidity”

Some interesting comments by Economist Gustavo Garcia

June 22, 2003

Economist Gustavo Garcia said a few interesting things in the interview today in page 1-17 of El Universal. I thought I would highlight a few of them:


-“Internal revenues has declined and oil revenue is falling, because PDVSA is not collecting what it says it is selling , nor it produces what it announces and the level of exports does not correspond with what they argue they are selling, because in that case international reserves should be increasing more”


-“This year the Government will pay 4  trillion Bs. in interest and internal debt will increase in the same proportion”


-“The increase in international reserves of US 3.5 billion is exactly the same amount that the Central Bank has had to absorb in its operation to reduce liquidity”

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