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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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ads 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 talked about promising i would let him know if i found anything interesting and that i would write about it in my blog of course within a couple of hours i had a response and a promise that the material would be sent to me the next day his assistant sent me all but the minister s response which i am promised would be sent soon i really haven t found anything earth shaking yet certainly nothing as significant as the us 29 billion discrepancy between what the fund has assigned to projects and what has been disbursed to 140 projects but the fund certainly does not have such a large amount of money today that s chavista math for you a us 29 billion discrepancy so as i await for giordani s response on this small us 29 billion discrepancy i find that 12 of the development investments have gone to defense essentially buying weapons 11 6 to projects of the ixth mixed cuban venezuelan commission 19 in pdvsa projects and half a billion bolivars to bandes projects and drinkable water around the nation now i really don t know or understand what that mixed cuban venezuelan commission has to do with venezuelan development or why there is this circular relationship in which pdvsa gives money to fonden and then part of it gets sent back to pdvsa for unnamed projects it sounds to me as illogical as most things chavismo does to say nothing of fancy weapons being part of development but i guess you have to keep the military happy and satisfied with new toys like russian jet fighters us 2 5 billion or a bunch of helicopters only us 483 million but the juicy story seems to be in the missing us 29 billion equal to the country s international reserves for which i will have to wait for the minister s response and hope there is a chapter ii to this story and of course thanks deputy ramos posted in the fonden papers uncategorized venezuela 49 comments june 2026 m t w t f s s 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 mar unknown feed an error has occurred the feed is probably down try again later subscribe to blog via email enter your email address to subscribe to this blog and receive 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