Venezuela's Hugo Chávez said that if an opposition candidate wins this year's presidential election he will be the first to recognize the rival's victory and hand over power.
Venezuelan President Hugo Chavez has launched new social programs including hikes in pensions and a 100 dollars a month cash payment for needy children as he prepares for his re-election bid next year.
Venezuela's elections board announced the 2012 presidential vote for October 7, moving the contest up from its traditional December time frame, which some critics say gives President Hugo Chavez an edge by shortening the campaign of potential challengers.