José I. Gutiérrez (Caracas)
Tel: (58-2) 276-5111
Fax: (58-2) 264-1532
Regular air transportation companies have been authorized to increase the fares on domestic flights by 70 percent (Resolution No. 15 of 12 February 1996, by the Ministry of Transportation and Communications). To avoid unfair competition in the air transportation market current rates shall be minimum fares. Airlines are obliged to publish their promotional fares, such as family plans, night flights, senior-citizen incentives and advanced purchase fares.
Leopoldo Ustáriz (Caracas)
Tel: (58-2) 276-5111
Fax: (58-2) 264-1532
A Commission to Coordinate Financial Policies to Support Industry and Foreign Trade (the "Commission") was recently created (Decree No. 1,051 of 7 February 1996 (the "Decree"), O.G. No. 35,908 of 27 February 1996). This standing Commission is responsible for an effective coordination of the public sector financial policies to provide efficiency to the system. The Commission's most important duties are: (i) to assess the financial status of the industrial sector and determine the amounts and kinds of financing necessary and subsequently recommend criteria for State agencies for the financing required for investment and production; (ii) propose financing modes and recommend criteria for the State's industry and foreign trade financing policies; and (iii) to seek and locate potential internal and external sources that feed the financial institutions system. One of the first tasks the Commission will have is to prepare a general outline for the restructuring of the public financial system. This outline will be sent to the President of the Republic, once it has been reviewed by the Economic Cabinet. The creation of the Commission eliminates the powers of the Committee for Analysis and Evaluation of Industrial and Financial Policies, created by Resolution No. 662 of 13 March 1995, now abrogated by the Decree.
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