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11/15/2017, 5:36 PM (Source: TeleTrader)
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Venezuela praises Kremlin for debt restructuring deal

The government in Caracas, struggling with deadlines for debt repayment to creditors, reached partial relief with an agreement signed in Moscow on Wednesday. "Strong ties of friendship, solidarity and cooperation with Russia" made it possible for Venezuela to restructure $3.15 billion in liabilities, Ambassador Carlos Rafael Faria Tortosa (pictured left) said, after finance and agriculture ministers Simon Zerpa (right) and Wilmar Castro Soteldo (center) signed a deal with the Kremlin.

Russia's Deputy Minister of Finance Sergey Storchak inked the document as the representative of his government, and revealed the South American country will now be able to support the domestic economy, improve solvency and boost chances all its creditors will be paid. The debt to Russia, which doesn't include Petroleos de Venezuela SA (PDVSA) or any other firm, will be returned by 2026, with minimal payments in the first six years.

Venezuela expressed interest in increasing wheat imports from Russia and boost bilateral trade overall. The government of President Nicolas Maduro has already fallen behind schedule in the repayment of $420 million in sovereign bonds.

Breaking the News / IT