{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Venezuela funding to LatAm challenges US spending' data-url='/boclips/videos/5c54bbc7d8eafeecae127a34' data-video-url='/boclips/videos/5c54bbc7d8eafeecae127a34' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nVenezuela funding to LatAm challenges US spending\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eQuito, Ecuador - 9 August, 20071. Venezuelan President Hugo Chavez shaking hands with Ecuadorean President Rafael CorreaTrinidad, Bolivia - 10 March, 20072. Wide of airport with flags in the foreground3. Chavez getting off aeroplane and...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eQuito, Ecuador - 9 August, 2007\u003cbr/\u003e1. Venezuelan President Hugo Chavez shaking hands with Ecuadorean President Rafael Correa\u003cbr/\u003eTrinidad, Bolivia - 10 March, 2007\u003cbr/\u003e2. Wide of airport with flags in the foreground\u003cbr/\u003e3. Chavez getting off aeroplane and embracing Bolivian President Evo Morales\u003cbr/\u003eCaracas, Venezuela - 24 May, 2007\u003cbr/\u003e4. SOUNDBITE (Spanish) Hugo Chavez, President of Venezuela:\u003cbr/\u003e\" We are going to give asphalt in order for the to pave close to 50 kilometres (31 miles) of streets and highways. Ninety per cent of Bolivia's highways are made of dirt. We are also going to send equipment to asphalt the roads.\" \u003cbr/\u003eLa Paz, Bolivia - 7 July, 2007\u003cbr/\u003e5. Wide view of barrels containing asphalt materials\u003cbr/\u003e6. Medium view of workers moving asphalt barrels \u003cbr/\u003eTrinidad, Bolivia - 10 March 2007\u003cbr/\u003e7. Tractors donated to Bolivia by Venezuela \u003cbr/\u003eFILE: Anzoategui, Venezuela - Date Unknown\u003cbr/\u003e8. Various views of Venezuela's oil refineries\u003cbr/\u003eCaracas, Venezuela - 25 August, 2007\u003cbr/\u003e9. Cutaway of economist and analyst Orlando Ochoa \u003cbr/\u003e10. SOUNDBITE (English) Orlando Ochoa, Economist\u003cbr/\u003e\"It seems to have more of a foreign relations ideology of political purpose of building a stronger alliance.\"\u003cbr/\u003eFILE: Anzoategui, Venezuela - Date Unknown\u003cbr/\u003e11. Various views of Venezuela's oil refineries \u003cbr/\u003eEcuador - 21 March, 2007\u003cbr/\u003e12. View of President Rafael Correa announcing Urea delivery\u003cbr/\u003e13. Pan of bags of Urea\u003cbr/\u003e14. Urea being dropped into a container\u003cbr/\u003eCaracas, Venezuela - 25 August, 2007\u003cbr/\u003e15. Various of street scenes, car driving past, people walking\u003cbr/\u003e16. SOUNDBITE (Spanish) Ramon Rodriguez, Caracas resident:\u003cbr/\u003e\"We are giving to the people who need it. True they need it; yes they need it. But, what about us?\"\u003cbr/\u003e17. Various of street scenes\u003cbr/\u003e18. SOUNDBITE (Spanish) Hector Garcia, Caracas resident:\u003cbr/\u003e\"There are countries, yes, that are worse-off than ours, and it's OK to help them. But who said to give cheap gasoline to a part of the United States, the Bronx? Who said to give more or better possibility for Britain to have fuel? Please!\"\u003cbr/\u003eThe Bronx, New York, USA - September 2006\u003cbr/\u003e19. Pan of musicians performing for Chavez \u003cbr/\u003e20. View of truck of Venezuelan-owned Citgo Petroleum\u003cbr/\u003e21. View of Citgo representative delivering fuel to the Bronx\u003cbr/\u003eCaracas, Venezuela - 25 August, 2007\u003cbr/\u003e22. SOUNDBITE ( English) Orlando Ochoa, Economist;\u003cbr/\u003e\"It is obvious that it could actually freeze some kind of financing for domestic projects or even foreign projects somewhere else, and in fact, that happened. President Chavez asked for resources for some projects, thinking they were available for them, but they were not. They were in Ecuadorean and Argentinean bonds and he was upset.\"\u003cbr/\u003eAcajutla Port, El Salvador - 26 July 2007\u003cbr/\u003e23. USS Comfort docked at Acajutla Port \u003cbr/\u003e24. Mid of doctor working on patient at the clinic\u003cbr/\u003eHavana, Cuba - 26 August, 2007\u003cbr/\u003e25. View of streets of Havana, petrol station in background\u003cbr/\u003e26. Wide view of large billboard showing Chavez\u003cbr/\u003e27. Wide view of people filling up at the petrol pumps\u003cbr/\u003eHavana, Cuba - December, 2004\u003cbr/\u003e28. of Chavez and Cuban President Fidel Castro signing agreement\u003cbr/\u003e29. Cutaway view of people watching \u003cbr/\u003e30. Chavez and Castro embracing\u003cbr/\u003eCaracas, Venezuela - 11 August, 2007\u003cbr/\u003e31. Chavez at Wide Petrocaribe Summit\u003cbr/\u003e32. Wide of presidents (members of Petrocaribe Summit) saluting, waving during photo opportunity\u003cbr/\u003eFILE: Anzoategue, Venezuela - Date Unknown\u003cbr/\u003e33. Various views of Venezuela's oil refineries \u003cbr/\u003eLaid-off Brazilian factory workers have their jobs back, Nicaraguan farmers are getting low-interest loans and Bolivian mayors can afford new health clinics, all thanks to Venezuelan President Hugo Chavez.\u003cbr/\u003eChavez has become a popular figure in some South America countries which was evident when crowds turned out in Quito earlier in August when the Venezuelan president visited his Ecuadorean counterpart Rafael Correa. \u003cbr/\u003eBolstered by windfall oil profits, Chavez's government is now offering more direct state funding to Latin America and the Caribbean than the United States. \u003cbr/\u003eA tally by The Associated Press shows Venezuela has pledged more than 8.8 billion (b) US dollars (6.5 billion Euros) in aid, financing and energy funding so far this year.\u003cbr/\u003eWhile the most recent figures available from Washington show three billion (b) US dollars (2.2 billion Euro) in US grants and loans reached the region in 2005, it is not known how much of the Venezuelan money has actually been delivered.\u003cbr/\u003eAnd Chavez's spending abroad does not come close to the overall volume of US private investment and trade in Latin America.\u003cbr/\u003eChavez' generosity tends to benefit left-leaning nations that support his vision of a Latin America with greater independence from the United States. But he denies the two countries are in a competition.\u003cbr/\u003eBut in terms of direct government funding, the scale of Venezuela's commitments is unprecedented for a Latin American country.\u003cbr/\u003e\"Ninety per cent of Bolivia's highways are made of dirt. We are also going to send equipment to asphalt the roads,\" said Chavez, last May, announcing aid to the country.\u003cbr/\u003eWhile Venezuelan asphalt paves streets in Bolivia's capital, a sign recently protruded from one of Caracas' potholes reading: \"Why for Bolivia yes and for me no?\"\u003cbr/\u003eWhen floods hit Bolivia this year, the US provided 1.5 million (m) US dollars (1.09 million Euros) in a planeload of supplies and cash. \u003cbr/\u003eChavez promised ten times more and sent in teams that helped victims for several weeks. \u003cbr/\u003eIn all, Chavez's pledges to Bolivia total over 800 million (m) US dollars (585.3 million Euros) more than six times the US commitment this year.\u003cbr/\u003eAccording to Venezuelan economist, Orlando Ochoa, Chavez's generosity is not entirely altruistic.\u003cbr/\u003e\"It seems to have more of a foreign relations ideology of political purpose of building a stronger alliance,\" said Ochoa, speaking from Caracas.\u003cbr/\u003eUS aid tends to be low-profile, constrained by strict guidelines and often distributed through other institutions so that recipients may not know it's from the US government. \u003cbr/\u003eVenezuela offers money with few strings attached and a personal Chavez touch that aid experts say generates more good will dollar for dollar.\u003cbr/\u003eAs the Chavez effect gains ground, there are signs the US is responding to the challenge. The US Navy medical ship Comfort is on a four-month, 12-country voyage to Latin American ports, and has already treated more than 80-thousand patients with free vaccinations, eye care, dental checkups and surgeries aboard the converted oil tanker.\u003cbr/\u003eChavez's aid is not limited to his region. Low-income Americans receive cheap heating oil, like in the Bronx, in New York, for example. But most of the funding goes to Latin America.\u003cbr/\u003eHe also offered money for new garbage trucks in Haiti and an Argentine dairy cooperative. Opponents say Chavez is spending haphazardly on \"giveaways\" abroad at a time when more than a quarter of Venezuelans still live on less than three US dollars (2.2 Euros) a day. \u003cbr/\u003eThey question how long he can sustain it since government revenues are highly dependent on fluctuating oil prices.\u003cbr/\u003eOn the streets of Caracas, some Venezuelans were beginning to feel left out and hinted that Chavez should focus on his own country before helping others.\u003cbr/\u003e\"We are giving to the people who need it; true they need it; yes they need it. But, what about us?,\" said Ramon Rodriguez.\u003cbr/\u003e\"There are countries, yes, that are worse-off than ours, and it's OK to help them. But who said to give cheap gasoline to a part of the United States, the Bronx? Who said to give more or better possibility for Britain to have fuel? Please,\" said Hector Garcia.\u003cbr/\u003eBut Chavez argues much of the funding brings benefits back to Venezuela, including oil-related investments and other cooperative exchanges. \u003cbr/\u003eHe says billions (b) more are being spent within Venezuela, and cites social programmes credited with helping to reduce poverty.\u003cbr/\u003eHis recent commitments in the region exceed those of the World Bank and the Inter-American Development Bank. \u003cbr/\u003eBoth loaned nearly six billion (b) US dollars (4.23 billion (b) Euros) in 2006, but their influence has declined as nations repay their outstanding loans. \u003cbr/\u003eRegional International Monetary Fund debts dropped from 49 billion (b) US dollars (35.8 billion (b) Euros) in 2003 to just 694 million (m) US dollars (508 million (m) Euros) this year, largely due to early repayments, some of them financed by Chavez.\u003cbr/\u003eChavez offers funds in unconventional, sometimes spontaneous ways. Summing it up is difficult due to a lack of transparent accounting, so the Associated Press tally is based on public pledges rather than what was actually spent. Some of the money is expected to be paid over multiple years. \u003cbr/\u003eThe tally cannot cover undisclosed spending, such as aid to Cuba or Venezuela's share in building a five (b) billion US dollars (3.65 billion (b) Euros) oil refinery in Ecuador.\u003cbr/\u003eVenezuela's funding differs from US aid because it includes investments that in the US would come from the private sector and purchases of bonds that are later resold.\u003cbr/\u003eMost of the funding 6.3 (b) billion US dollars (4.6 (b) billion Euros) involves energy projects, some of which directly benefit Venezuela's oil industry, such as a 3.5 (b) billion US dollars (2.56 (b) billion Euros) refinery to be built in Nicaragua. \u003cbr/\u003eThat also includes funding for electricity plants in Haiti and Bolivia, and an estimated 1.6 (b) billion US dollars (1.17 (b) billion Euros) in fuel financing to at least 17 nations.\u003cbr/\u003eVenezuela has pledged 772 (m) million US dollars (564.7 (m) million Euros) in development aid, including AIDS treatment in Nicaragua, housing in Dominica and Cuban doctors in Haiti.\u003cbr/\u003eIn Bolivia, 20 (m) million US dollars (14.6 (m) million Euros) went directly to mayors selected by leftist President Evo Morales for projects including health clinics and schools. \u003cbr/\u003eChavez and Cuban President, Fidel Castro, are also close allies and have signed a number of agreements in the past, including providing Cuba with inexpensive gasoline, in exchange for Venezuela sending patients to be treated in Havana.  Cuba also sends Medical doctors to Venezuela.\u003cbr/\u003eChavez helped Argentina pay off its IMF (International Monetary Fund) debt by buying 5.1 (b) billion US dollars (3.73 (b) billion Euros) in Argentine bonds in recent years, and now proposes a \"Bank of the South\" that would use billions from Venezuela's international reserves as seed money.\u003cbr/\u003eSome critics warn that scant oversight leads to waste and corruption. Others say Chavez has succeeded in providing more financing options and breaking up a \"creditors' cartel\" of Washington-based lenders whose economic prescriptions failed to improve the lives of the poor.\u003cbr/\u003eVenezuelan economist, Orlando Ochoa said the effects of Chavez's financing abroad is starting to be felt at home.  \u003cbr/\u003e\"President Chavez asked for resources for some projects, thinking they were available for them them, they were not. They were in Ecuadorean and Argentinean bonds and he was upset.\"\u003cbr/\u003eMeanwhile, Venezuela's state development bank, Bandes, is expanding into Bolivia, Uruguay, Honduras, Guatemala, Haiti and Nicaragua, offering loans at just five per cent interest, compared to 35 per cent by some private banks.\u003cbr/\u003eAs long as the oil continues to flow in Venezuela, it appears Chavez will continue with his campaign of giving, winning friends and wielding influence across Latin America.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' 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nicaragua, bronx, ecuador government\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='educator-ratings-heading' class='rp-info-section'\u003e\n\u003ch2 class='title sr-only' id='educator-ratings-heading'\u003eEducator Ratings\u003c/h2\u003e\n\u003cdiv id=\"educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv id=\"all-educator-ratings-root\"\u003e\u003c/div\u003e\u003cdiv 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data-remote=\u0026quot;true\u0026quot; href=\u0026quot;/subscription/new\u0026quot;\u003eJoin Now\u003c/a\u003e\u003c/div\u003e\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Venezuela funding to LatAm challenges US spending\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"Venezuela funding to LatAm challenges US spending\" title=\"Venezuela funding to LatAm challenges US spending\" onError=\"handleImageNotLoadedError(this)\" data-default-image=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" data-src=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" width=\"315\" height=\"220\" src=\"data:image/png;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs\" /\u003e\n\u003cspan aria-hidden='true' class='flex justify-center items-center bg-white rounded-full w-16 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