Minister Calls on Venezuelans to Repatriate Their Investments in the U.S.

 October 11th 2008, by Tamara Pearson - Venezuelanalysis.com. Merida, October 10, 2008 (venezuelanalysis.com)-- As world stock markets tumble, a range of economic experts met in Caracas to discuss alternative solutions to the crisis. Venezuela's Minister for Planning and Development, Haiman El Troudi, highlighted the relative strength of the Venezuelan economy and called for Venezuelan resources invested in the United States to be repatriated.  At the International Conference of Political Economy being held in Caracas, Venezuela, from Wednesday until this Saturday, 40 specialists from around the world are analysing the current financial crisis and proposing south-based and alternative model solutions.

In his presentation, El Troudi outlined how "the Venezuelan state has been strengthening under the Bolivarian socialist project" and that due to its on-target economic policies, those Venezuelans who have capital in the United States and who still have time to rescue it, should repatriate it because it will be safer in Venezuela than in the speculative banks of the U.S.

"Bring your capital [here], together we're going to construct a great country," said El Troudi.

He felt it important that it be recognized that the Venezuelan government had understood on time that the world economic situation is a structural issue and so it developed an economic policy that resulted in international reserves of $40 billion, which represent a cushion to enable Venezuela to confront the crisis better than other countries.

He elaborated that one of the measures taken by the executive of the government, was the creation of an obligatory portfolio of industrial credit in order to boost the productive apparatus of the nation. While mortgage interest rates were rising globally, the Venezuelan government regulated the real estate quota and obliged banks to lend to savers who were interested in housing.

He also highlighted that a reserve of food is being set up, which will serve to ease the effects of the financial crisis.