Prensa Latina: With parliamentarian approval of reforms to budget laws for 2009 and increased value-added taxes (VAT) Venezuela seeks to consolidate the economy and face the world crisis.

The president of the Finance Commission of the legislature Ricardo Sanguino said that despite the economic crisis Venezuela's growth rate will be between 1.5 and 2.0% of the Gross Domestic Product thanks to measures adopted by the government. The national economy is capable of supplying financial resources necessary to continue forward, he emphasized.

The laws of Budget and Debts for 2009 were sanctioned Thursday, as well as a VAT hike aimed at compensating the impact of oil fiscal tax reduction as a consequence of price drops in crude on the world market.  The Special Complementary Debt bill for 2009 was modified to Bs.F 25 million (over $10 million).  Parliament president Cilia Flores said the 3.0% VAT hike is fair and necessary since it will contribute to social projects.

Last Saturday President Hugo Chavez announced anti crisis measures and pointed out the government wants to preserve social achievements and job defense, besides defending the oil industry capacity and strengthening the internal productive sector.  It also seeks to direct the public financial capacity taking into account effects on nature, depth and duration of the world economic crisis.

The decision to preserve social expenses in education, health, salaries and family income, pensions and social security confirmed the irrevocable conviction that it is a government of the people by the people and for the people, emphasized Chavez.

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