Venezuela Nearly Doubles Budget as Maduro Prepares for Election
- Budget includes defense of the Essequibo for the first time
- Majority of lawmakers approved the budget in a first vote
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Venezuela nearly doubled its 2024 budget to 730 billion bolivars or the equivalent of $20.5 billion as President Nicolás Maduro prepares for presidential elections and forecasts additional spending for the defense of the Essequibo territory.
This is the first time that the defense of the Essequibo region will be formally included in the budget, Vice President Delcy Rodríguez said from congress on Wednesday. The funds are aimed toward “defending our Essequibo and Venezuela from external aggressions,” she said without adding details.