Venezuela To Tap Oil Revenue For $100 Billion, 5-Year Investment Plan

Venezuela will tap oil revenue over the next five years to ramp up spending by $100 billion on projects not included in the national budget, President Hugo Chavez said late Wednesday.

Chavez, who backs an expansive fiscal policy to encourage economic growth, said Venezuela will spend $20 billion a year for the next five years under an ” extraordinary investment plan,” said state news agency ABN in a report.