Published at: 13/05/2026 03:18 PM

This Wednesday, May 13, Venezuela announced that it will begin the process of restructuring the Republic's external public debt and Petrleos de Venezuela, S.A. (PDVSA).

In a statement, the Sectorial Vice Presidency of Economy explained that this decision has as its central objective to free the country from the burden of accumulated debt, guaranteeing its future and a rebirth of prosperity, justice and equality.

Below is the full text of the statement:

The Bolivarian Republic of Venezuela announces today the formal launch of a comprehensive and orderly process for the restructuring of the Republic's and PDVSA's external public debt.

This decision has a central objective: to put the economy at the service of the Venezuelan people and to free the country from the burden of accumulated debt, guaranteeing its future and a rebirth of prosperity, justice and equality.

Over the years, Venezuela demonstrated solvency, fully complying with all its international obligations. This capacity and willingness to meet our financial commitments was impeded as of 2017 as a result of financial sanctions.

For too long, the country has been deprived of normal access to finance 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 demonstrated great resilience to face this situation.

A new chapter begins today.

Venezuela has an historic opportunity to widely expand its economic potential in order to guarantee the future for future generations, thanks to the development of constructive and productive diplomatic agendas.

This is a responsible, nationalist and social decision. Its objective is to rebuild the country's capacity to mobilize finance, attract investment, stabilize the economy and materially improve the quality of life of every Venezuelan.

The nation's resources must be allocated, first and foremost, to the well-being of the people of Venezuela 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, allowing for inclusive growth and job creation, with a vision of a rebirth 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 the one that produces the greatest amount of happiness possible, the highest amount of social security and the greatest amount of political stability.” Simon Bolivar

Caracas, Wednesday, May 13, 2026

Mazo News Team