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, bo