Venezuela will finish paying its debt to Russia within 10 years after restructure

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November 16, 2017 – Fort Russ News – Paul Antonopoulos

Russia’s Finance Ministry said Wednesday that an intergovernmental protocol on restructuring Venezuela’s debt to Russia has been agreed upon.

The agreement on Russian credit to Venezuela was signed on December 8, 2011 and under the new agreement, the $3.15 billion debt will be fully repaid within a ten-year period with minimal payments in the first six years.

“On November 15, 2017, Russia’s Finance Ministry informs that an intergovernmental protocol has been signed on structuring of Venezuela’s debt to Russia… The amount of Venezuelan consolidated debt stands at $3.15 bln, the new repayment schedule implies payments within a ten-year period, which will be minimal during the first six years,” the report said.

The debt restructuring will allow Venezuela to “allocate released funds on the country’s economic development, improve its repayment ability, and raise the prospect of all creditors to return loans provided earlier to Venezuela,” Russia’s Finance Ministry said.

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