Venezuela’s President, Hugo Chavez, will seek an additional nearly $10.5 billion in debt this year, The Wall Street Journal reports. The loan will be used to finance social programs, address a housing shortage and create jobs.

As per the approved 2011 budget, Venezuelan lawmakers have set a debt limit of $12 billion. Until now, Venezuela’s PDVSA state oil company has sold $6.15 billion in global bonds.

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