Venezuela Approves 2025 Budget Amid Falling Oil Revenues

Venezuela's National Assembly passed a 2025 budget of $22.67 billion, marking an 11% increase compared to this year. The budget forecasts a decrease in oil revenue to $10.14 billion, down 14.6%. Tax revenues are projected at $5.25 billion, with mining royalties at $190 million.

In a decisive move, Venezuela's National Assembly, under the ruling party's control, sanctioned a 2025 budget pegged at $22.67 billion on Thursday. This new allocation represents an almost 11% hike from this year's $20.5 billion expenditure. The government's blueprint, shaped by President Nicolas Maduro's administration, details significant economic adjustments.

A notable forecast in the budget is a decline in oil revenue: expected to drop to $10.14 billion. This projection marks a 14.6% reduction from the $11.89 billion estimated for the current fiscal period. It signals a strategic pivot in economic planning for the oil-dependent nation.

Revenue through taxation maintains its steady trajectory with an anticipated $5.25 billion, mirroring this year's expectations. Additionally, royalties from mining activities are forecasted at $190 million, underscoring a nuanced diversification in revenue streams.

(With inputs from agencies.)