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FOREIGN DEBT » 15 November, 2017

Russia Reschedules Debt with Venezuela

escambray today, russia, venezuela, foreign debt
Venezuela Ministers Simon Serpa and Wilmar Castro Soteldo with Russian Deputy Minister of Finance Sergei Storchak. (Photo taken from https://www.telesurtv.net/english).

The agreement provides for a refinancing of 3.15 billion dollars, with a flexible payment until the year 2026

Russia and Venezuela issued today a clear message of the strengthening of their bilateral relations, amid Washington’s pressure against Caracas, by signing an agreement for the refinancing of the South American country’s debt.

This was considered by the Venezuelan Vice President for the Economic Area, William Castro Soteldo, shortly after the signing of the aforementioned document.

The agreement provides for a refinancing of 3.15 billion dollars, with a flexible payment until the year 2026, with amounts that can be disbursed by our government, Castro Soteldo said.

Beyond 2026, we also agreed on favorable payment conditions, the vice president said, who considered that the agreement has political and financial significance since it also shows the need for multipolarity in the world.

The agreement allows, on the one hand, a new profile to meet the needs of the Venezuelan people, and on the other, it takes up the level of commercial exchange that existed in the first years of economic ties, between the two countries, he stressed.

The visit to this country also allowed us to make contacts with other productive and financial actors and to strengthen terms of the agreements that we will discuss next week during a session of the high-level intergovernmental commission of both countries, he said.

The Venezuelan Minister of Economy and Finance, Simón Zerpa, who signed the agreement with the Russian Deputy Finance Minister, Serguei Vstorchak, clarified that the document only concerns both governments and not specifically the Venezuelan oil company PDVSA.

By its part, the Venezuelan vice president explained that the refinancing of the debt will have the participation of the oil, automotive, and agricultural sectors.

The Venezuelan ambassador in this country, Carlos Farías, also participated in the signing of the agreement.

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