Renegotiation of Venezuela's Foreign Debt Begins on Monday

Picture by: Prensa Miraflores

Caracas, 13 Nov. AVN.- The renegotiation of the terms related to the foreign debt of the Bolivarian Republic of Venezuela and Petroleos de Venezuela with the creditors begins On Monday, November 13. The meeting will take place at the Palacio Blanco in Caracas, according to information provided by President Nicolas Maduro last Sunday.

"The process of renegotiation and refinancing of the foreign debt and of all the international commitments of the Republic begin tomorrow," said the President during the transmission of his program Los domingos con Maduro, broadcasted by VTV.

The President commented that Venezuela has been facing the ravages of the economic war since 2014, as well as the sanctions imposed by the former US president Barack Obama and by the current US administration led by Donald Trump.

"It's important to actually see the meaning of 36 months of blood, sweat and tears; 36 months in which we paid 73,350 million dollars without delay, not even a second; we recently paid 2,000 million dollars."

President Maduro also stressed that the country has made progress in fulfilling its commitments, "even in difficult circumstances." He added that the government remains committed in order to obtaining "favorable and fair conditions" for refining.

In addition to that, the President highlighted the fact that Venezuela has stopped earning profits due to the fall in oil prices, "during the period in which I paid 73,350 million dollars, 100 billion dollars stopped entering the country due to the fall in the oil price."

Nevertheless, the Executive reiterated its commitment to guarantee to the people all that is required for a usual development of the country. "They cannot fight against the conscience of the Venezuelan people; they cannot fight against the people of Bolivar. Our strategy is to refinance all the foreign debt, because the priority is the economic life of the country, the growth and development of Venezuela."

13/11/2017 - 05:34 pm