President Hugo Chávez and the Economy and Finance Minister, Ali Rodriguez, revealed that it was agreed to a drastic reduction of mega-salaries and expenses in the administration, within a plan of austerity and efficiency in the management of state resources.

President Hugo Chávez revealed that a new financial system along with Iran, China and Russia announced that it decided to suspend its Sunday program "Hello President" until after the November elections

The government announced that it is considering reducing the salaries of managers of the petrochemical industry and said it will eliminate a "final" expenditure "phones, vehicles and celebrations" of public administration, as part of a plan for "austerity" and efficiency spending.

President Hugo Chávez, said it intends to "wipe out the mega-salaries" of the directors of the state Pequiven, as part of government plans to "increase profits" of the industry and do more "transparent" operation "We need to reduce costs, eliminate waste, end corruption and unnecessary spending, eliminate the megas-salaries," said Chavez, when inspecting the construction of two ammonia and urea plants in the central state of Carabobo.

New financial system

Elsewhere in his statements, the President asserted that is developing "a new financial system" based on an alliance with its strategic partners of Iran, Russia and China, which takes place on the advice of Fidel Castro

"We have studied this with patience of a watchmaker," he said when announcing that Chavez is creating "a new financial system in Venezuela" to keep it safe from the turbulence in the markets.

The president said Nicolas Maduro, is in Tehran, where he managed the creation of a binational bank Venezuela-Iran, which would add to its operations that is already established with China, and soon with Russia.

Without giving further details of how the new financial structure would be planned for Venezuela, Chavez announced that the project has the advice of veteran Cuban leader Fidel Castro, who is removed from power two years ago for health reasons. AFP/EFE AFP / Reuters

Suspended "Hello President" during campaign

In another part of his claims that Chavez announced Sunday decided to suspend its program "Hello President" during the seven weeks remaining in the campaign for municipal and regional elections next November 23.

"I have decided to suspend the program 'Hello President' until after the elections," so that the transmission of it will restart "in the last week of November or early December" next, he said.

Instead of carrying out the program of radio and television, the president will devote Sunday to "inspect and inaugurate" public works "and lead" elections "for the promotion of candidates of the United Socialist Party of Venezuela (PSUV), revealed itself Chavez .