The stand-up comedy routine continues in Venezuela;
Venezuelan president Nicolas Maduro yesterday announced the creation of a new national investment fund to boost production and help overcome existing economic problems.
The initiative is part of an “economic offensive” which seeks to use regulatory and investment mechanisms to create an equilibrium between production, supply and “fair” prices.I.e. what every country that simply relies of free markets has already.
The fund will be administered by five of the government’s top economic officials, each of whom will be in charge of investments in a specific geographic zone of the country. The fund appears designed to get state investment to enterprises and productive projects in a more targeted, speedy manner, with the president terming the rules governing the fund as “expeditious”.
“This is so that the five [national fund] heads can respond en situ to problems…to make investments, and approve credits that are needed,” Maduro said on his weekly radio show. He also told fund heads to focus investments on the food, textiles, shoes, auto-assembly and construction sectors.The way they do it in Cuba, to such wonderful results.