Venezuelas Government System

Where it all began History of Venezuela

Venezuela was discovered by Christopher Columbus in 1498, and was inhabited by natives of the land. Fast forwarding to when Simon Bolivar lead the revolution from Spain, to where much of the continent was born in Caracas 1783, which is now the Capitol. Venezuela was one of the first South American colonies to revolt in 1810; and then later gaining its independence in 1821. Venezuela became a republic in 1830, with a period of unstable dictatorship. Antonio Guzman Blanco governed from 1870 to 1888, developing an infrastructure, expanding agriculture, and welcoming foreign investment. Venezuela has been one of the most stable democracies in Latin America. Betancourt served from 19591964, while Rafael Caldera Rodrguez, president from 1969 to 1974, legalized the Communist Party and established diplomatic relations with Moscow. Venezuela, named the Bolivarian Republic of Venezuela since 1999, is located on the northern coast of South America.

July 2013

Economy of Venezuela
Petroleum The petroleum sector dominates Venezuelas
mixed economy, accounting for roughly a third of GDP, around 80% of exports, and more than half of government revenues. Venezuela is the fifth largest member of POEC by oil production. From the 1950s to the early 1980s the Venezuelan economy experienced a steady growth that attracted many Immigrants.

Fiscal PolicyThe government's fiscal accounts

generally showed surpluses until the mid-1980s because of the immense oil income. In 1986, however, the drop in oil prices triggered a fiscal deficit of 4 percent; the deficit exceeded 6 percent in 1988. The major actors in fiscal policy were Cordiplan, which was responsible for long-term economic planning, and the Budget Office of the Ministry of Finance, which oversaw expenditures and revenues for each fiscal year ( FY). Cordiplan also oversaw the fiscal status of the social security system, regional and municipal governments, the foreign exchange authority, state-owned enterprises, and other autonomous agencies.

Government
Executive Branch: President Hugo Chavez Frias (since
February 3, 1999) Chief of state and head of government are held by the president elected by popular vote for a six-year term with a two consecutive term limit. The Council of Ministers is appointed by the president. On December 3rd, 2006, Hugo Chavez was reelected president. The most recent Election was held in 2012 after the death of Chavez, the new President is Nicols Maduro Moros who is a Venezuelan politician and was previously the Vice President of Venezuela. He was also the Minister of Foreign Affairs under late President Hugo Chvez

The Bank of Venezuela The Central Bank of

Venezuela (Banco Central de Venezuela, performed all typical central bank functions, such as managing the money supply, issuing bank notes, and allocating credit. As part of the country's overall financial sector reform, the BCV embarked in 1989 on numerous revisions of monetary policy aimed at improving the bank's control over the money supply.

Legislative Branch: Unicameral National Assembly there

are and Total of 167 seats; members elected by popular vote to serve five-year terms; three seats reserved for the indigenous peoples of Venezuela). Pro-government parties control all 167 seats of the Assembly

Judicial Branch: Supreme Tribunal of Justice are elected

by the National assembly for a single 12-year term.

Electoral Branch: National Electoral Council administers

all elections, including those held within Civil Society. Its five principal members are elected by the National Assembly for a seven-year term. [Type text]