Venezuelan Debt Rescheduling By Russia Gave Caracas Time To Fix Economy - Lawmaker

The restructuring of Venezuela's debt to Russia gave Caracas a much-needed pause to continue its efforts in recovering the country's economy, Jesus Faria, a member of the Venezuelan Constituent National Assembly, told Sputnik

CARACAS (UrduPoint News / Sputnik - 16th January, 2019) The restructuring of Venezuela's debt to Russia gave Caracas a much-needed pause to continue its efforts in recovering the country's economy, Jesus Faria, a member of the Venezuelan Constituent National Assembly, told Sputnik.

On Tuesday, Russian Deputy Finance Minister Sergey Storchak confirmed that Moscow and Caracas had reached an agreement on the rescheduling of Venezuela's debt, with the country now paying off its arrears in accordance with a new time frame.

"It gives us a break not only to continue pursuing the policy to restore production, but also to overcome grave and serious consequences of Washington's actions to destabilize the situation and provoke a coup [in the country]," Faria said.

According to the lawmaker, the agreement reflected the excellent relations between the two countries.

In 2011, Russia issued a $4 billion loan to Venezuela to cover the cost of importing Russian industrial products to the country. However, against the backdrop of a deteriorating financial and economic situation, Caracas applied for an extension of its credit line in 2014. In November 2017, Venezuelan President Nicolas Maduro announced the restructuring of Venezuela's debt after Caracas agreed on the terms with Moscow.