Judicial branch: Supreme Court of Justice (Corte Suprema de Justicia), magistrates are elected by both chambers in joint session for a nine-year term, a third are re-elected every three years
Political parties and leaders: National Convergence (Convergencia), Jose Miguel UZCATEGUI, president, Juan Jose CALDERA, national coordinator; Social Christian Party (COPEI), Luis HERRERA Campins, president, and Donald RAMIREZ, secretary general; Democratic Action (AD), David MORALES Bello, president, and Luis ALFARO Ucero, secretary general; Movement Toward Socialism (MAS), Felipe MUJICA, president, and Leopoldo PUCHI, secretary general; Radical Cause (La Causa R), Lucas MATHEUS, secretary general; Homeland for All (PPT), Alexis ROSAS, director
Political pressure groups and leaders: FEDECAMARAS, a conservative business group; Venezuelan Confederation of Workers (CTV, labor organization dominated by the Democratic Action); VECINOS groups
International organization participation: AG, Caricom (observer), CCC,
CDB, ECLAC, FAO, G- 3, G-11, G-15, G-19, G-24, G-77, IADB, IAEA, IBRD,
ICAO, ICC, ICFTU, ICRM, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO,
Intelsat, Interpol, IOC, IOM, ISO, ITU, LAES, LAIA, MINUGUA, MINURSO,
NAM, OAS, OPANAL, OPEC, PCA, RG, UN, UNCTAD, UNESCO, UNHCR, UNIDO,
UNIKOM, UNU, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US: chief of mission: Ambassador Pedro Luis ECHEVERRIA chancery: 1099 30th Street NW, Washington, DC 20007 telephone: [1] (202) 342-2214 FAX: [1] (202) 342-6820 consulate(s) general: Boston, Chicago, Houston, Miami, New Orleans, New York, San Francisco, and San Juan (Puerto Rico)
Diplomatic representation from the US: chief of mission: Ambassador John Francis MAISTO embassy: Calle F con Calle Suapure, Colinas de Valle Arriba, Caracas 1060 mailing address: P. O. Box 62291, Caracas 1060-A; APO AA 34037 telephone: [58] (2) 977-2011 FAX: [58] (2) 977-0843
Flag description: three equal horizontal bands of yellow (top), blue, and red with the coat of arms on the hoist side of the yellow band and an arc of seven white five-pointed stars centered in the blue band
@Venezuela:Economy
Economy-overview: The petroleum sector dominates the economy, accounting for 27% of GDP, 78% of export earnings, and more than half of government operating revenues. It is likely to become even more important as the state petroleum company plans to double its production over the next 10 years. Realizing the failure of interventionist policies, the CALDERA administration embarked on a comprehensive economic reform program, which included negotiation of a stand-by agreement with the IMF in 1996, elimination of price and exchange controls, and revitalization of Venezuela's stalled privatization program. The influx of foreign capital, and the currency depreciation that followed exchange liberalization, led to 103% inflation in 1996, the highest in Venezuelan history. The government stepped in toward the end of 1996, propping up the Bolivar by using a stable nominal exchange rate as a restraint on inflation-which fell in 1997 to 38%. The macroeconomic adjustments, bolstered by strong oil prices, resulted in strong growth in 1997. However, the East Asian financial crisis and the decline of international oil prices toward the end of 1997 brought pressure on the currency, which Caracas was able to stave off. Caracas readjusted its exchange rate bands and began to allow quicker depreciation of the Bolivar; the government also tightened monetary policy. Concerned over potential revenue shortfalls from soft oil prices for the 1998 budget, Caracas has implemented budget cuts to compensate for previously optimistic oil revenue estimates. The government also has pushed ahead with sale of the state-owned steel company and the strategic aluminum sector, thereby reassuring domestic and international investors of Venezuela's commitment to reform. The monetary and fiscal measures have been well received by the international financial community. As a result, financial analysts believe the economy will still grow at a healthy pace in 1998, though they have lowered their initial projections for GDP growth due to the soft oil market.
GDP: purchasing power parity-$185 billion (1997 est.)