Caracas (OrinocoTribune.com)—The Venezuelan government has announced the formal launch of a comprehensive and orderly restructuring process for the external public debt of both the nation itself and that of the publicly-owned oil company, PDVSA. The announcement was made by the Vice Presidency for the Economy via a press release.
“This decision has one central objective: to put the economy at the service of the Venezuelan people,” reads the statement published this Wednesday, May 13, “and free the country from the burden of accumulated debt, guaranteeing its future and a rebirth of prosperity, justice, and equality.”
The Chavista authorities characterized the move as a “responsible, nationalist, and social decision” aimed at rebuilding the nation’s capacity to mobilize financing, attract investment, and stabilize the economy to improve the quality of life for all citizens.
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The document highlights the fact that Venezuela “demonstrated solvency over the years, fully complying with all its international obligations.” However, this capacity and willingness to meet financial commitments was severely hindered from 2017 onwards due to the escalation of illegal sanctions by the US empire.
While mainstream corporate media outlets have frequently claimed for years that Venezuela is in debt default, they rarely mention the country’s pristine track record of fulfilling international financial obligations prior to the imposition of illegal US sanctions. These measures effectively de-linked Venezuela from the international financial system for nearly a decade, creating a de facto default scenario.
“For too long, the country has been deprived of normal access to financing,” the statement added, “and its economy has lost the capacity to invest in health, electricity, water, education, infrastructure, productive recovery, and the well-being of its population. The Venezuelan people have demonstrated great resilience in facing this situation.”
Below, you can read an unofficial translation of the full press release:
Government of the Bolivarian Republic of Venezuela Announces Debt Restructuring Process
The Bolivarian Republic of Venezuela today announces the formal launch of a comprehensive and orderly restructuring process for the external public debt of the Republic and PDVSA. This comes just days after the US government issued OFAC licenses temporarily allowing the government of Vice President Delcy Rodríguez to hire external advisors for this matter.
This decision has one central objective: to put the economy at the service of the Venezuelan people and free the country from the burden of accumulated debt, guaranteeing its future and a rebirth of prosperity, justice, and equality.
Venezuela demonstrated solvency throughout the years, fully complying with all its international obligations. This capacity and willingness to meet financial commitments was hampered from 2017 onwards as a result of financial sanctions.
For too long, the country has been deprived of normal access to financing, and its economy has lost the capacity to invest in health, electricity, water, education, infrastructure, productive recovery, and the well-being of its population. The Venezuelan people have demonstrated great resilience in facing this situation.
Today a new chapter begins.
Venezuela has a historic opportunity to greatly expand its economic potential and guarantee the future for coming generations, thanks to the development of constructive and productive diplomatic agendas.
This is a responsible, nationalistic, and socially conscious decision. Its objective is rebuild the nation’s capacity to mobilize financing, attract investment, stabilize the economy, and materially improve the quality of life for every Venezuelan.
The nation’s resources must be allocated, above all, to the well-being of the Venezuelan people and not be consumed by unsustainable financial obligations. The restructuring process aims to guarantee substantial debt relief, which will be allocated for the benefit of the country and its population, enabling inclusive growth and job creation, and paving the way for a resurgence of development and prosperity.
Venezuela will fulfill its commitments in a sustainable manner and will do so under the conditions that the Venezuelan people deserve, building a solid path to recover well-being, justice, and social equality.
“The most perfect system of government is that which produces the greatest possible sum of happiness, the greatest possible sum of social security, and the greatest possible sum of political stability.” — Simón Bolívar.
Caracas, Wednesday, May 13, 2026
OFAC Authorizes Debt Restructuring Prep, But Keeps Venezuelan Assets Frozen
Repercussions
This restructuring represents the Venezuelan government’s first formal renegotiation attempt since 2017. US empire-aligned analysts estimate the total external debt at approximately $100 billion, including commitments from both Venezuela as a nation and PDVSA, alongside obligations to strategic allies such as China and Russia.
Economists suggest that this process could facilitate:
• A reduction in debt stock or the extension of payment terms.
• The eventual return of Venezuela to international financial markets.
• Improved access to credit and financing for essential imports and major infrastructure projects.
• Relief from a tax burden that currently drains resources from the national budget.
However, analysts warn that the final outcome will depend on the acceptance of bondholders—a position currently crowded with vulture ventures—the progress of broader political negotiations, and potential modifications to the illegal US sanctions regime.
Special for Orinoco Tribune by staff
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