Chavez Upholds Growth Policy
Venezuelan President Hugo Chavez decried several experts´ remarks about excessive government expenditures, and said they were development investments to benefit the nation.

In his habitual appearance at Sunday´s Alo Presidente TV program, Chavez condemned statements that his economic policy will keep foreign investors away.

He said his country´s GDP increased 9.4 percent in 2005 and international currency reserves amounted to 30 billion USD, and this year´s oil revenue started entering successfully given the current oil price and the recovery of the sector´s sovereignty.

The president of the Bolivarian Revolution confirmed the suspension of operating agreements with private oil firms, slated to become joint ventures in which the State has most shares.

He made it clear those enterprises did not pay taxes and delivered only one percent of royalties, as they pumped out cheap oil and sold it back to the State at a higher price.

"We are investing in development, not wasting money, as some people said," pointed out Chavez in the official opening of the social program "Mission Negra Hipolita" to fight poverty in 2011.

That program, named after the wet-nurse of Liberator Simon Bolivar, is part of a social investment strategy based on a more equal distribution of the oil revenue of Venezuela, considered to be the fifth leading world hydrocarbon exporter.