Venezuela to Continue Debt Restructuring Despite Earthquakes, Citing Reconstruction Needs

Venezuela's government has affirmed its commitment to proceed with the orderly restructuring of its external debt, a process initiated in May. This plan will continue despite the recent double earthquake that struck the northern part of the country.

Calixto Ortega, Venezuela's Vice Minister of Economy and representative to the International Monetary Fund (IMF), stated that intensive technical exchanges with international financial partners have been ongoing. The government is actively refining its macroeconomic framework and debt sustainability analysis, crucially incorporating the economic repercussions of the earthquakes.

Ortega indicated that these updated analyses are expected to be published in the coming weeks. They are intended to form a solid foundation for an orderly, transparent, and credible restructuring process. The ultimate goal is to create the necessary fiscal space for the nation's reconstruction efforts.

He emphasized that rebuilding the country will be significantly more challenging without mobilizing new financing. This, in turn, requires normalizing Venezuela's relationship with international financial partners. Therefore, the debt restructuring is considered an indispensable condition for restoring the country's access to financing. Transparencia Venezuela estimated the country's external debt to be over $170 billion in March, citing a lack of official figures.