Venezuela to use a portion of oil profits to aid poor

Venezuelan President Hugo Chavez has a new proposal on aiding least-developed nations. “Three hundred sixty-five million dollars a year for a fund that will allow us to produce, buy and distribute food and medicines to the homes of the poorest families,” he told reporters in Caracas. The money represents one percent of the country’s oil profits from one million barrels in daily production when prices exceed USD100 per barrel. Chavez urged European and Latin American nations to donate towards the program.

Source: Venezuela offers USD365 mln for aid to poor (Reuters)