News Detail

Elimination of the Ministry of Planning and Finance

In Official Gazette Number 40.151, dated April 22nd, 2013, The Executive Branch, through the Decree Number 1, ordered the elimination of the Ministry of Planning and Finance and provided for the creation of the following two new ministries: Ministry of Planning and Ministry of Finance.

In accordance with the article 2, the Ministry of Finance will regulate and follow all the Executive Branch´s policies in fiscal and financial matters, the planning for processes for capturing public income and the participation in the creation and application of all economic and monetary policies of the Executive Branch.

In accordance with the article 4, the Ministry of Planning will regulate, formulate and follow all the Executive Power´s policies and to create strategies for economic and social development, both in short and long term, and evaluate all policies and development plans.

In accordance with the article 8, the Decree provides for a 180 day period to complete the separation of the former Ministry, its functions and for the two new ministries to assume all its responsibilities and attributions. In charge of the Ministry of Finance will be Nelson Merentes. In charge of the Ministry of Planning Jorge Giordani.

The following entities will be part of the Ministry of Planning:
1. Venezuelan School of Planning Foundation.
2. Social Management School Foundation.

The following entities will be part of the Ministry of Finance:
1. National Securities Commission.
2. Superintendence of Banks and other Financial Institutions.
3. National Bank Deposits Fund.
4. Society for Reciprocal Guarantees for the Medium and Small Industries.
5. Society for Risk Capital.
6. National Fund for Reciprocal Guarantees for the Small and Medium Industries.
7. Society for Reciprocal Guarantees for the Agricultural, Forestry, Fishing Sectors.
8. National Development Fund.
9. Bilateral and Multinational Financial Funds.
10. Banco de Desarrollo Económico y Social de Venezuela (BANDES).
11. Banco del Tesoro C.A.
12. Banco Industrial de Venezuela, C.A.
13. Banco Bicentenario Banco Universal, C.A.
14. Seguros La Previsora.
15. Banco de Venezuela.
16. Banco de Comercio Exterior, C.A.
17. Corporation for the Development of Tourist investments in the Peninsula of Paraguaná.

The Following are decentralized agencies belonging to the Ministry of Finance:
1. National Integrated Service for Fiscal and Customs Administration (SENIAT).
2. National Budget Office.
3. National Public Accounting Bureau.
4. National Treasury Bureau.
5. National Public Credit Office.
6. Fund for Social Benefits in the Central Administration.
7. National Lotteries Commission.
8. Superintendence of the Insurance Activities.
9. Superintendence of Savings.
10. Superintendence of Public Goods.

The article 9 provides that the Executive Vice-President will order the execution of all administrative and legal requirements in order to conduct the transfer of all goods, rights and resources whose administration corresponds to the Ministries named in the Decree.