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Sovereign Wealth Funds Briefing - Categorized | Market, Reserve Currencies

Venezuela has failed to put aside money from oil revenue surplus

Posted on 27 January 2014

By mid-1999, under Jorge Giordani’s tenure as planning minister, the Investment Fund for Macroeconomic Stabilization (FIEM) was implemented as a saving scheme. Back then, Giordani said that the Chávez’s government approach was “that of squirrels, who save up their bounty for future use when they can’t find food.”
By December 2001, the FIEM totaled USD 7.1 billion. But in 2003, after a two-month general strike against Venezuelan President Hugo Chávez, the government dipped into the FIEM to cover the budget. More than USD 6 billion were withdrawn, and only USD 700 million remained in the fund………………………………………..Full Article: Source


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