At the annual meetings of the International Monetary Fund and the World Bank in Bangkok, Venezuela’s chief economic adviser, Calixto Ortega, said the country was close to officially publishing an analysis of the sustainability of its sovereign debt. According to him, the document is an unconditional government priority. Technical work on the restructuring plan announced in May is continuing, although the timeline had to be adjusted because of operational difficulties following the earthquakes. Venezuela’s total debt is estimated at $150–200 billion, while the process is complicated by the large number of international creditors.
Ortega also rejected official dollarization, calling it an unsuitable solution, and said it was necessary to strengthen the bolívar as the national currency to support production and domestic transactions. The government intends to introduce a medium-term inflation-targeting system and gradually reduce price growth to double-digit levels. Agreements with gold-mining companies are expected to provide an additional source of financial stability: the authorities hope to increase the Central Bank of Venezuela’s precious-metal reserves and strengthen international reserves.
Full version: Venezuela prevé publicar