Venezuelan Economy and Finance Vice President Calixto Ortega. Photo: Radio Miraflores.
Caracas (OrinocoTribune.com)—On Thursday, Venezuelan Vice President for Economy and Finance Calixto Ortega emphasized that illegal US sanctions targeting the nation’s oil sector, implemented in 2017, were the primary factor preventing the country from fulfilling its foreign debt obligations.
During an interview with journalist Julio Riobó on Venezolana de Televisión (VTV), Ortega characterized the 2017 measures as among the most “destructive” attacks on Venezuela’s economy. “The sanctions definitely had a major impact,” the official stated, noting that the blockade specifically prevented the government and Petróleos de Venezuela (PDVSA) from continuing to meet financial commitments to international creditors.
Sovereign debt restructuring
Ortega clarified that the formal process of restructuring Venezuela’s external debt and the obligations of the state-run oil company, PDVSA, remains a sovereign decision of the Venezuelan state. He asserted that the current economic team is making strategic choices that are yielding “tangible results” as part of a broader economic relaunch.
“These steps being taken… do not happen by chance,” Ortega said. “These are decisions we are making, and we believe we have the conditions to move forward, given the growing economy.”
Economic “oxygen” and infrastructure
Ortega highlighted that successful debt restructuring would free up financial resources, providing much-needed “oxygen” to the national economy. This liquidity, he explained, is essential for directing funds toward public services and infrastructure that have been severely degraded by over a decade of US imperialist aggression.
“We will have oxygen; the economy will have oxygen,” Ortega added. “We will be able to have funds and resources to invest in what we need: infrastructure, the electrical system, and the water system.”
The high-ranking official concluded by reminding viewers that these vital sectors remain under pressure because the US blockade is still largely in place. He noted that recent minor adjustments have occurred only under specific OFAC licenses, which do not represent a full lifting of the coercive measures.
Special for Orinoco Tribune by staff
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