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The government aims to "utilize the economy for the benefit of the Venezuelan citizens and relieve the nation from the weight of existing debt." The ministry highlighted that Venezuela has shown solvency for many years, fully meeting all international obligations. "Our capacity and readiness to fulfill our financial responsibilities have been restricted since 2017 due to financial sanctions."
The nation has lacked sufficient access to funding for an extended period, resulting in its economy being unable to invest in healthcare, electricity, water, education, infrastructure, productive recovery, and the welfare of its people.
The government states that the restructuring aims to ensure considerable debt relief, which will be utilized to aid the nation and its citizens. "Venezuela will reliably meet its commitments, adhering to the standards the Venezuelan populace merits, paving a distinct way towards reestablishing prosperity, justice, and social equity," the statement indicates.
The independent think tank OMFIF reports that Venezuela has defaulted on debts totaling at least $150 billion, which exceeds 200% of its GDP. According to CNBC, the nation ceased servicing its public debt in 2017 due to hyperinflation.
source: cnbc.com
The nation has lacked sufficient access to funding for an extended period, resulting in its economy being unable to invest in healthcare, electricity, water, education, infrastructure, productive recovery, and the welfare of its people.
The government states that the restructuring aims to ensure considerable debt relief, which will be utilized to aid the nation and its citizens. "Venezuela will reliably meet its commitments, adhering to the standards the Venezuelan populace merits, paving a distinct way towards reestablishing prosperity, justice, and social equity," the statement indicates.
The independent think tank OMFIF reports that Venezuela has defaulted on debts totaling at least $150 billion, which exceeds 200% of its GDP. According to CNBC, the nation ceased servicing its public debt in 2017 due to hyperinflation.
source: cnbc.com