However, the East Asian financial crisis and the decline of international oil prices toward the end of 1997 brought pressure on the currency, which Caracas was able to stave off. Concerned over potential revenue shortfalls from soft oil prices for the 1998 budget, Caracas has implemented budget cuts to compensate for previously optimistic oil revenue estimates. The government also has pushed ahead with sale of the state-owned steel company and the strategic aluminum sector, thereby reassuring domestic and international investors of Venezuela's commitment to reform. The monetary and fiscal measures have been well received by the international financial community. As a result, financial analysts believe the economy will still grow at a healthy pace in 1998, though they have lowered their initial projections for GDP growth due to the soft oil market.
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