Maduro’s son, a lawmaker, suggests that Venezuela is willing to repay $10 billion debt to China

Venezuela Open to Paying $10 Billion Debt to China, Says Lawmaker

CARACAS (Reuters) – In an exclusive interview with Reuters on Thursday, lawmaker Nicolas Maduro Guerra, son of Venezuelan President Nicolas Maduro, revealed that Venezuela is open to paying off its $10 billion debt to China.

Maduro Guerra emphasized the strong and enduring relationship between Venezuela and China, describing it as “foolproof and weatherproof.” He also mentioned that Chinese companies are interested in investing in the South American country.

China has been a key player in Venezuela’s oil and gas sector, as well as its largest creditor. Back in 2007, the two countries signed a $50 billion agreement for credit lines and loans-for-oil deals under the leadership of then-President Hugo Chavez.

Due to financial constraints, President Maduro’s government had to negotiate grace periods for loans totaling $19 billion in August 2020. Currently, Venezuela owes China approximately $10 billion.

Maduro Guerra, an economist and close confidant of his father, expressed optimism about the future of Venezuela’s oil industry despite recent challenges. With the U.S. reimposing sanctions on the OPEC nation’s oil sector, Venezuela is looking to expand into new markets.

“We depended on selling oil to the United States… if it doesn’t want to buy, we’ll sell it somewhere else,” Maduro Guerra stated.

While he acknowledged the strained relations between Venezuela and the U.S., Maduro Guerra mentioned that communication channels remain open, hinting at the possibility of future discussions.

As Venezuela prepares for upcoming elections in July, the country faces both economic and political uncertainties. However, Maduro Guerra’s positive outlook on Venezuela’s relationship with China and its oil industry provides a glimmer of hope for the struggling nation.