Key facts
- Venezuela's interim government plans to restructure nearly $240 billion in debt.
- This figure significantly exceeds prior market expectations of $150-$200 billion.
- The restructuring aims to return Venezuela to international markets after a decade of isolation.
- Nicolás Maduro was captured in January 2026, leading to Delcy Rodríguez assuming interim presidency.
- A viability plan is expected in early July, with a macroeconomic framework to be released this month.
- The IMF is not participating in the restructuring analysis but maintains technical contact with Caracas.
Venezuela is preparing for what could be the largest debt restructuring in history, with its interim government, led by Delcy Rodríguez, set to acknowledge nearly $240 billion in liabilities. This figure significantly surpasses previous market expectations of $150 to $200 billion. The move comes after the capture of Nicolás Maduro in January 2026, with Rodríguez now at the helm and aiming to re-establish Venezuela's presence in international markets after a decade of isolation.
Advisors from US bank Centerview Partners are finalizing a viability plan, expected in early July. This month, Caracas will also present a macroeconomic framework indicating a stark economic contraction, with the economy now valued at around $100 billion, a sharp decline from $370 billion in 2012. A key concern for creditors and the Venezuelan opposition is the absence of the International Monetary Fund's signature on the sustainability analysis, raising fears of a more fragile position for the country.
The IMF has stated it is not participating in the restructuring process but is maintaining technical contact with Caracas, having resumed relations in April after a seven-year hiatus. The verified debt includes approximately $60 billion in sovereign bonds and debt issued by the state oil company PDVSA, along with $40 billion in interest arrears. Additional liabilities encompass amounts owed to oil companies and suppliers, claims from expropriations, and outstanding loans from China and Russia. Investors remain skeptical about reaching an agreement in 2026, with many anticipating a resolution in 2027, largely dependent on oil revenues.