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description= Thanks to Congressman Ramos, we managed to obtain much more information on Fonden and its lack of Transparency.;
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uncategorized venezuela 22 comments the fonden papers part v more information suddenly available september 3 2011 in a very interesting development all of a sudden there seems to be a rush to have information about fonden out in the open for example after the public absence of any financial statements from the fund since 2007 as if by magic you can now find 2009 and 2010 as seen below here notice however that in the rush to complete the information they somehow either missed or did not have the financials for 2008 and the information jumps from 2007 to 2009 two weeks ago all that was available was up to the 2007 financials clearly there is an attempt probably in reaction to deputy ramos accusations to add information and then say it was there all along pity i did not save a picture two weeks ago but there is more another new feature is that what used to be a list of projects without any content now has a full description of each project who is executing it like for example this rice project where you now can see the information of how much was given to whom who is executing the project how much has been disbursed the contractor is not named just the government organization that is in charge of execution but this is the type of information that was not available before and now magically is on the web page in fact you can search for the information in different ways you can find all of the projects you can find them by state or you can find it b y organization executing the project funny thing is that in the rush to provide more and more information the last list is simply a list of all government organizations even if they are not executing projects or maybe the information has yet to be updated for example in this page you find a list of institutions executing projects curious about seeing a list of projects executed by the fondo nacional de ciencia tecnologia e innovacion i clicked on it and despite the fact that i know there are projects in that area there is no information so either this is a comprehensive list of institutions or they are still upgrading the information i suspect it is a combination of both while i have not studied the details there are more than the 140 projects here than the list given by minister giordani to the national assembly that list seems to be a global list of projects this list has the detailed information more work to be done help will be welcome seems like there is an attempt to make the information public and claim it has been there all along and make deputy ramos look bad or make noise about it but these pages will show at least the evidence of what happened in time posted in the fonden papers uncategorized venezuela 33 comments fonden papers part iv el mundo s headline fonden accounts do not add up september 1 2011 i have no idea if what quico in caracas chronicles and i have been writing about fonden has anything to do with today s front page in el mundo part of the article here fonden accounts do not add up report sent by the ministry of finance shows an unknown amount of us 28 billion opposition deputies will ask for clarification of the numbers of the fund that feeds from the abundant oil income but i do get some satisfaction that it is getting coverage after our effort posted in the fonden papers venezuela 35 comments the fonden papers part iii why is there so little impact when so much money was spent august 31 2011 when you look at the fonden papers the first question that comes to mind is how is it that despite spending us 9 billion fonden and us 2 2 billion chinese fund in 2010 alone a huge number compared to the budget it has so little impact on the economy public works visibility and the like the answer is simple these are supposed to be development projects but in the end the whole process has been perverted by ideology lack of economic understanding and hugo chavez whims and i bet it is those whims that delay and divert money insuring that the few thing that could generate growth and development are not finished on time the problem is how the money is spent as quico in caracas chronicles has shown the top four areas over the five years of fonden expenditures got 70 of the money energy and oil was number one transport and communications was two defense was three and cuba was number four on energy and oil there is the weird fact that pdvsa contributes to fonden and then fonden turns around and gives the money back to pdvsa this sounds so weird that it s fishy but let s assume these are bona fide pdvsa projects the problem is that it s well known how few jobs these petrochemical oil projects generate and in the end it is a zero sum game pdvsa gave money to fonden which goes back to a company that is not investing what it should anyway then there is defense most of the projects are about importing gizmos and toys which simply give something to do to our military but truly contribute little to the economy and development cuba is number four but it obviously contributes little to the venezuelan economy then there was transport and communications a typical area that contributes to the economy there are railroads and subway systems but i decided to pick on a chinese fund project that i thought i could follow the highway of the autopista de oriente between las lapas and el guapo line 1 under the vice presidency under the chinese fund this project for a 33 km piece of highway came to us 143 million or us 4 3 million per kilometer which i have no clue if it is reasonable or not in terms of price you can see the stretch of road we are talking about in the map below it is the one labelled number 3 the earliest reference i can find to this part of the road was this radio mundial link in which then governor now deputy diosdado cabello he was ousted by capriles in an election says that next week this was nov 24th 2007 they will name the winner of the bidding for the project cabello gloats that once this part is done they will build beyond el guapo to playa pintada to complete the whole highway in his state a few months later in may 2008 the agencia bolivariana de noticias carried an item now not found on that website saying that the las lapas el guapo road would be funded by the chinese fund and would be ready in two years that would have made it may 2010 15 months ago except that this picture is from the construction of the road in october 2010 less than a year ago in fact close to four years after the the announcement of the winning bid the road appears to be about half completed because in march of this year for the carnival holidays the government allowed cars to flow through the 15 kilometers of only one side of the highway that was ready in fact i asked a friend who confirms that the road has yet to be completed to el guapo the vice president elias jaua actually opened this half of half the road saying the money had been approved for the whole road something that happened already in may 2008 three years earlier and that by christmas 2011 these 15 kilometers of the highway would be finished and then they would complete the road all the way to el guapo thus the two year 33 km project is now two years behind schedule and after four years only 15 km of the 33 km tranche will have been completed clearly execution is not this government s forte but it is more than that this government loves to make announcements and clearly the money is not even there when diosdado cabello announced a company had been chosen to build the project there was no money for it it was only six months later when the money was found thanks to the chinese fund the rest since then is unknown to me i have no idea why it has been delayed so much if execution speed goes as badly as it has gone so far it will take at least four more years to complete the remaining 18 kms to el guapo that is eight years or four times the original estimate and this shows why there is so little economic impact projects are drawn out for years badly executed and the money is not being spent in the right areas because the chavista government prioritizes ideology defense cuba over investment projects that generate jobs or infrastructure and even when they have these projects after twelve years in power they have not found a way to be effective and efficient and i am ignoring corruption just think the caracas la guaira highway about the length of the first part of the las lapas el guapo road was started on december 1950 and inaugurated on december 1953 but at the time this was truly an engineering feat with huge viaducts and an imposing grade the las lapas to el guapo highway is mostly flat and has little engineering novelty i hope the readers will look at the fonden papers and find one project to study in their area of expertise this way we can all pool our expertise and dissect how much waste these discretionary funds represent i will publish any material you send on the subject posted in the fonden papers venezuela 12 comments the fonden papers chapter ii visiting pajaritos and getting the fonden papers august 27 2011 about two weeks ago i told the story of deputy carlos ramos of the national assembly who provided us with an excel spreadsheet of the projects financed by fonden after i wrote to him the sequence of how this spreadsheet came about was somewhat unclear the congressman saying that there was some us 29 billion give or take a billion simply missing he made this discovery when he added all of the numbers provided by the minister of finance and realizing the total was different the minister saying us 69 billion had been approved for projects but the addition of the numbers totaling only about us 40 billion quico at caracas chronicles then decided to call the deputy s assistant to see if we could obtain the original information but it just so happens that xxist century socialism uses xixth or xxth century tools there isn t a scanner to turn the 30 or so pages turned in by minister of finance giordani to the national assembly into digital form thus unless quico who lives 2 448 miles away from caracas could drop by and pick them up he and we were out of luck fortunately the devil had to go to caracas and could go get the papers thus began my trek to the pajaritos building the building pictured above is actually called the jose maria vargas building but nobody calls it that everybody calls it pajaritos the name of the esquina corner where the building is i made the mistake of showing up five minutes past noon which meant that i could not enter the building the building is shared by the administrative offices of the judiciary and the national assembly each has its own reception which opens into the same hall you can get into the judiciary at any time but not to the assembly between noon and 1 30 pm i called deputy s ramos office and they told me they would come down and give me the info we had requested waiting there was an experience in itself i could not go in but the guy in the mortuary suit that controlled the people allowed a few ladies buddies and officials to go through while i waited he asked me three times what i was doing standing around there i studied the dozens of people who showed up looking for help quite an experience from guajiro indians to students wanting to talk to their deputy mostly to see if they could get some money preferably cash finally the extremely efficient assistant of the deputy came down and gave me a folder with copy of all the material you can find the projects all here essentially the story is that deputy ramos as a member of the comptroller s commission requested on april 6th that giordani give him a full list of projects approved not only for the development fund fonden but also for the chinese fund the fondo chino on april 28th minister giordani sends the info to the head of the comptroller s commission hector navarro and on august 2nd deputy ramos sent giordani a letter asking about the fact that there seems to be some us 29 billion missing from the project list the problem is that as you can see in the link minister giordani provided the complete list of 140 projects giving the name the ministry the amount awarded the amount disbursed over the years and the amount disbursed in 2010 which is actually the only thing the deputy was asking for but giordani sent all of of the info and when you add up the total amounts approved and disbursed historically the information provided says that projects were awarded some us 69 446 billion down to the cent as quico shows of which us 66 057 billion has been disbursed and us 9 621 billion was disbursed in 2010 except that if you create an excel spreadsheet put all 140 numbers and add it all up the total is only us 29 billion short as discovered by deputy ramos now the deputy is asking for even more information including who got the contracts for each project it s interesting to note that the total given by giordani is roughly what was contributed by the venezuelan central bank under the screwed up concept of excess reserves and pdvsa whose contributions are now set by law as shown in the table below where i have used all public sources from the bcv fonden and pdvsa to come up with the grand total of us 69 80 billion contributed to fonden we can speculate all we want were projects removed from the list was the total simply faked was this intentional was it sloppiness can they provide the information or they just don t have it is the money somewhere else is the money missing but no matter what the point is the same us 29 billion is currently missing or unaccounted for from the parallel fund fonden which is managed by chavez and giordani at will and in an extremely discretionary fashion they used part of the money to buy a new embassy in russia for example this would be a scandal in any country in the world but apart from deputy ramos and a couple of nutty bloggers it just seems to have not even induced a yawn in venezuelan politics hopefully we will help bring the issue more into the spotlight and again kudos to the deputy and his efficient and diligent assistant posted in the fonden papers venezuela 51 comments the fonden papers chapter i august 10 2011 you all know about fonden the development fund that chavez created and uses as his sort of petty cash fund for immediate needs i was reading something or other the other day and found that deputy carlos ramos had sent minister giordani a questionnaire about fonden naive that i am i looked up this deputy who i don t know and lo and behold i found out he is an economist has a masters in political science has been a deputy before and has been budget director of merida state and general manager of the alcaldia libertador better yet he even has a webpage naive that i am i believe in democracy open information and stuff like that i got deputy s ramos email from his website and wrote to him telling him i am interested in fonden saw his press conference and was wondering if he could send me the material he talk...
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