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The Venezuelan government announced this Wednesday the formal launch of a restructuring process for the external public debt of the Republic and PDVSA, according to an official statement issued by the Sectoral Vice Presidency of Economy.
"The Bolivarian Republic of Venezuela announces today the formal launch of a comprehensive and orderly process for the restructuring of the external public debt of the Republic and PDVSA," the document states, describing the measure as "a responsible, nationalist, and social decision."
The statement declares that the central objective is to "put the economy at the service of the Venezuelan people and free the country from the burden of accumulated debt," and promises a "renaissance of prosperity, justice, and equality."
The regime of Nicolás Maduro —now formally led by Delcy Rodríguez following Washington's recognition in March 2026— attributes its failure to meet obligations to the financial sanctions imposed since 2017, arguing that these have hindered its ability to continue servicing its sovereign debt.
Venezuelan bonds recorded significant gains across the curve following the announcement, according to Bloomberg Línea.
The announcement comes eight days after the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) issued General License 58, which authorizes the hiring of legal, financial, and consulting services to prepare for a potential restructuring, but does not allow for direct negotiations with creditors or the transfer or liquidation of debt.
The license also explicitly prohibits the participation of entities from Russia, Iran, China, North Korea, and Cuba in the process.
The Deputy Minister of Anti-Blockade Policy, William Castillo, clarified on May 5 that the GL58 "does not authorize the restructuring, transfer, or liquidation of Venezuelan debt, but only the hiring of market intermediaries to prepare for these processes."
The financial challenge is monumental. The Venezuelan debt in default bonds — from the Republic and PDVSA — amounts to approximately 60 billion dollars since the country defaulted in late 2017.
Transparencia Venezuela estimated that by the end of 2024, the total external debt reached 164.432 billion dollars, a figure that Reuters raises to 170 billion if bilateral loans, trade obligations, and international arbitration awards are included.
That amount contrasts with a projected Venezuelan national budget for 2026 estimated at only 20 billion dollars.
The statement does not include specific deadlines, amounts, or detailed negotiation mechanisms, leaving the question open about how the process will take shape.
The announcement is part of a rapprochement process between Caracas and Washington that has accelerated in 2026: Trump formally recognized the Venezuelan government in March, and the OFAC has issued successive licenses that have eased oil sanctions and now pave the way for debt restructuring.
The IMF has indicated that it would be willing to support a program for Venezuela, but conditioned on greater clarity regarding the country's economic data and external debt.
"Venezuela will fulfill its commitments sustainably and will do so under the conditions that the Venezuelan people deserve, building a solid path to regain well-being, justice, and social equality," concludes the official statement.
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