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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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Text of the page (random words):
whole thing makes little sense when you look at the details of all the projects let s look at the biggest headache of chavez government in the last few years the electric problem the root of all problems was guri dam the lack of maintenance forced the government to stop almost half the turbines this meant halting almost 50 of the main contributor to the country s power generator but as you can see in row 113 of the spreadsheet a scant us 64 milliom was assigned to this problem what gives there are 300 plus projects and this one does not even rate being in the top 80 they spent over 500 million dollars in at least 12 projects us 100 million in at least 65 projects and guri barely got us 64 million but then if you are distributing money right and left in the millions why do you even bother to write down consider or even give us 2 783 to overhauling the recrational los lagos el encanto park row 28 for god s sake give them us 3 000 out of petty cash and don t even ask for receipts remember fonden was supposed to be spent in foreign currency all dollars but you have things like liquidating inam row 134 the national institute for minors which i am sure only required local currency but there are many like that take row 139 us 33 million to indemnify people who lost their homes in lake valencia you certainly can t justify paying them in foreign currency no or row 274 us 74 million to buy homes in the secondary market for those that lost their homes in the floods in caracas did these people really get paid in us dollars if not how did fonden exchange the money did they go to the central bank and say hey remember the dollars you used to create bolivars when pdvsa gave them to you and then you gave to me well i want bolivars for them now get it if they did that it would be giving someone bolivars twice for the same dollars talk about being irresponsible how about row 230 42 million dollars to build housing in the city of caracas sounds good no except the organization in charge of execution of the project is none other than the ministry of culture hello i know the minister of culture was an architect but what does culture have to do with building housing i could go on and on like 100 plus million on building ten new universities really how crummy can they be or the metrocaribe mariche which received us 49 million row 119 but can anyone near mariche tell me if anything has been built or all the money invested in agriculture what happened to it the point is that fonden has been like a petty cash fund on steroids used without planning even random in topics and amounts it is as if the revolution has no priorities just throw money at stuff hope something works but nothing seems to work and it all goes back to the same man jorge giordani the non economist obscure academic in charge of the economy for ten of the last twelve years in charge of continued and soaring inflation in charge of this boondoggle of a development fund called fonden where money has been misspent wasted some us 29 billion somehow missing and where the word result priority evaluation and the like seem to be absent from consideration and thus i promise with this musing or rant i will stop writing about fonden unless new information becomes available it should be a scandal it should be a source of outrage it is for me we are talking us 25 000 for each person in venezuela spent without impact without control and without accountability to say nothing of how much of this money has been sent to cuba enough said posted in the fonden papers uncategorized venezuela 23 comments the fonden papers part vi more information the numbers still don t add up september 7 2011 as i noted in the next to last post there is now more information on the website of fonden on the details of the projects funded after spending a day looking at tools that would allow me to manipulate the data i gave up so i began doing the task by brute force i went to todos los proyectos above and copied project by project into an excel spreadsheet hoping to find some of the missing us 29 billion or so you can find the excel spreadsheet here the quick conclusion all of the projects added up to september 6th 2011 on the webpage of fonden add up to only us 27 22 billion far from the us 69 billion of the earlier report to the national assembly the difference projects of the ministry of defense and cuba are not described at all in the fonden webpage on purpose i imagine thus if we add the us 4 88 billion from defense and the us 6 06 billion from cuban projects we reach the total of us 38 158 billion some us 30 billion short still of the us 69 billion the fund has received and the total provided by the finance ministry to the national assembly thus all the work did not yield much except that by doing it brute force i read every single project in the website in detail and will have more to say about them later for now we still have some us 29 billion unaccounted for based on the information provided to the national assembly as well as combining the projects in the fonden website on sept 6th 2011 plus those missing from it in the report to the assembly small change for the revolution posted in the fonden papers 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...
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