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Celebrating Wild Caraway: Taste of Nova Scotia's Restaurant of the Year | SaltWireCARACAS - The Venezuelan government will be in a strong position to increase social spending to woo voters in 2024 as relief from some U.S. sanctions allows more oil income to flow into government coffers, analysts say.
The relaxed sanctions could lead to $1.4 billion in additional income for Venezuela over the next six months, analyst firm Sintesis Financiera said in a report. "The increase in income will be gradual," said Jose Vielma, a ruling party lawmaker and member of the finance committee for the government-allied national assembly."The contribution will go to social spending and services."
The government has traditionally increased social spending, public sector salaries, food distribution and housing construction projects ahead of elections, though national income has been limited over the last five years because of the sanctions and problems at PDVSA.If the sanctions relaxations continue next year and oil production goes up, the additional income could reach $7 billion in 2024, consulting firm Ecoanalitica said.
The government has already this year launched new social programs - which it calls"missions" - for young people and women, the first since 2017. Economist Jose Guerra, a former opposition lawmaker and head of the non-governmental Venezuelan Finance Observatory, said public sector raises may still be too costly a prospect.More income may also allow Maduro to revisit orthodox but insufficient inflation-fighting policies that have led to lower spending and less availability of credit, even as annual inflation reaches more than 300%.
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