Venezuelan Minister of Economy, Finance and Public Banking, Rodolfo Marco Torres, brought forward on Tuesday in a regular session of the National Assembly (AN) a draft budget and the Law on Public Indebtedness, as well as the Annual Operational Plan.

He indicated that the 2016 draft budget amounts to VEB 1.54 trillion (USD 245 billion at the official exchange rate of USD 6.3 per dollar).

The minister specified that the 2016 budget is based on an average price of the Venezuelan oil basket at USD 40. Such estimation is inferior to that of the current budget, at USD 60 per barrel.

He also pointed to the implementation of policies aimed at further tax monitoring and increase of the number of taxpayers.

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El Universal