Venezuela begins debt restructuring as central bank projects 8% GDP growth

Venezuela has begun restructuring sovereign and state oil company PDVSA debt, a move central bank acting president Luis Perez said on May 14, 2026, brings the country back into international financial markets. The debt, in default since 2017, exceeds $150 billion, including unpaid bonds, arbitration awards and interest, according to analyst estimates. Perez gave no details on the restructuring plan, saying it falls under Economy Vice President Calixto Ortega, Venezuela’s governor to the International Monetary Fund. Perez said a Venezuelan delegation will travel to Washington by May 31, 2026, for talks with the IMF, after relations with the IMF and World Bank resumed following a break since 2019. Venezuela has about $5 billion in unused IMF special drawing rights and wants to deploy funds to the power sector and other areas. Perez forecast GDP growth of about 8% in 2026 and single-digit inflation, after prices rose 10.6% in April. First-quarter GDP rose 2.5%, led by a 3.1% gain in non-oil activity, while oil output fell 2.1%.