Venezuela Renews Drive For Personal Accounts; Romania to Vote on Reform Plan

August 30, 2000

The Dow Jones newswire reports that the government of Venezuela will consider in November a new pension system that would allow personal retirement accounts in addition to the mandatory state-run program. Venezuelan leader Hugo Chavez had previously put off consideration of personal retirement accounts as part of his general opposition to free market reforms. Finance Minister Jose Rojas said the new scheme should see monthly contributions of around $100 million in the first year alone. Meanwhile, the Romanian government has confirmed its support for pension reform based on personal retirement accounts and is expected to vote on the reform package September 7.

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