Venezuela: Official fund to promote import substitution and export projects
Description
On 13 January 2010, the government of Venezuela announced the creation of the Fondo Bicentenario to promote import substituting as well as export-related projects. According to the official gazette, the fund will have a capital base of 3 billion Bolivares (700 million or 1.15 billion US Dollars under the dual exchang rate).
Two thirds of the initial capital endowment are to be spent on import substitution projects in the industries for textiles, clothing, shoes, food, packaging, light machinery, pharmaceuticals, wood and furniture. The rest of the endowment is to promote investment into exporting activities.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: Yes
Date of inception: 13 Jan 2010
GTA Evaluation: Amber
Source:
Government of Venezuela. (13 January 2010). Crean Fondo Bicentenario con 2 mil 600 millones de bolívares. Available at http://www.vtv.gob.ve/noticias-econ%C3%B3micas/28502
Official Gazette. (19 January 2010). Decree #7.173, p.374.249. Available at http://www.tsj.gov.ve/gaceta/Enero/1912010/1912010.pdf#page=3
Government Response:
- 523 reads
