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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Chavez trims budget, adds debt to counter crisis Sun Mar 22, 2009 2:00am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Frank Jack Daniel CARACAS (Reuters) - Venezuelan President Hugo Chavez on Saturday almost tripled his government's borrowing plan and trimmed his budget to offset a slide in oil revenues, but resisted pressure to devalue the local bolivar currency. Chavez, a socialist who rails against capitalism, had been widely expected to announce a package of measures to counter the impact of the global economic crisis, which has battered demand for the OPEC nation's vital petroleum exports. "These are anti-crisis measures in the socialist spirit to protect social programs, the people and the workers," the former army officer said, promising government austerity. Chavez, who won a referendum last month allowing him to stay in office as long as he keeps winning elections, is popular for spending oil revenues on health and education programs for the poor majority. During 10 years in office he has nationalized much of Venezuela's economy including major oil projects as part of his drive to build a socialist state. On Saturday, he cut the 2009 budget by 6.7 percent to $72 billion, raised the minimum wage 20 percent and increased planned government financing to $16 billion from $5.6 billion. And he increased a sales tax to 12 percent from 9 percent. He vowed to reduce the salaries of top officials and slash often lavish ministerial spending on cars and entertainment. Chavez ignored economists who recommended devaluing the fixed rate currency, a measure that would help cover the budget shortfall but would also increase inflation. Instead, he said the government will further tighten currency controls, restricting dollars destined for imports of luxury items. CHEAPER OIL Economist Luis Vicente Leon described the package of measures as moderate but said the government was gambling crude prices would recover later this year. "These are not truly deep measures, they don't attack the fundamental problems of the economy," Leon told Reuters. Faced with Latin America's highest inflation, Chavez has in recent weeks increased pressure on business to lower prices by taking over farms and rice mills and threatening to nationalize the country's top private employer, which makes food and beer. Since winning the February referendum Chavez has moved to weaken opponents who govern key states and cities by moving control of ports and airports to the central government. On Saturday, he reduced Venezuela's budgeted oil price estimate to $40 per barrel from $60 and lowered the oil output estimate to 3.17 million barrels a day from about 3.67 million. More than half of government spending is financed by crude oil revenues. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: China quake school toll stirs grim findings, anger Also on Reuters Blog: A lawyer as Citi's CFO? 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