PDVAL

The struggle against inflation, corruption, and destabilization in Venezuela’s economy continued this week. Workers from nationalized companies marched to protest hoarding and price speculation and called for worker-run management, while national investigators arrested the former president of the state-run food company PDVAL for alleged involvement in the diversion of food from the market.

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Many analysts concur that the increase in government spending from 19% to 30% of the GDP during President Hugo Chávez's presidential term made the consumption capacity of Venezuelans grow faster than the supply of goods and services.

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With the distribution and sale of 74,000 tons of powdered milk at controlled prices, PDVAL, the new PDVSA food subsidiary created by President Hugo Chávez, was launched in order to fight food hoarding.

PDVAL was launched by Venezuela’s Energy and Oil Minister and President of PDVSA, Rafael Ramírez, who said that this food network was inaugurated in 10 different regions of the country with a single aim: guaranteeing the Venezuelan people’s food security.

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