Venezuelan President Hugo Chavez has unveiled a series of measures to offset falling oil revenues that account for about 50% of the national budget.
Mr Chavez on Saturday almost tripled his government's borrowing plan and trimmed his budget, but he resisted pressure to devalue the local bolivar currency.
Mr Chavez cut the 2009 budget by 6.7% to $72 billion, raised the minimum wage 20% and increased planned government financing to $16 billion from $5.6 billion.
And he increased a sales tax to 12% from 9%.
He vowed to reduce the salaries of top officials and slash ministerial spending on cars and entertainment.
Mr Chavez ignored economists who recommended devaluing the fixed rate currency, a measure that would help cover the budget shortfall but would also increase inflation.
Instead, he said the government will further tighten currency controls, restricting dollars destined for imports of luxury items.
