MOSCOW, Nov 15 (PRIME) -- Moscow and Caracas have signed an accord to restructure a 2011 U.S. $3.15 billion debt for 10-years, the Finance Ministry said in a statement on Wednesday.
“The Russian Finance Ministry informs about signing of an intergovernmental protocol that encompasses restructuring of Venezuela’s debt to Russia under an agreement on provision of a sovereign credit to Venezuela signed on December 8, 2011,” the ministry said.
“Venezuela’s consolidated debt amounts to $3.15 billion, the new repayment schedule encompasses payments over the next 10 years with minimal payments in the first six years. The easing of the debt burden provided to the republic as a result of debt restructuring will allow it to use the free funds for economic development of the country, will improve solvency of the debtor, and increase chances that all Venezuela’s creditors will be repaid.”
Finance Minister Anton Siluanov said in October that Russia offered a 2-stage debt installment plan to Venezuela, with the first stage envisaging payment of a small affordable part of the U.S. $3 billion debt under preferential terms.
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