Venezuela Proposes To Settle Debt With Brazil Through Oil And Electricity Supply

Written by Bruno Teles

Published on 17/05/2023 at 07:00

Updated on 16/05/2023 at 19:41

FOTO: campo de petroleo

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During his participation in the Roda Viva program on TV Cultura, Mercadante stated that the Venezuelan government requested a table for discussion and renegotiation of debts with Brazil.

The Venezuelan government intends to settle its debt with Brazil through the provision of oil and electricity, according to the former Minister of Education and current president of the National Bank for Economic and Social Development (BNDES), Aloizio Mercadante.

Venezuela reported a 6% growth last year, and the proposal aligns with the plan that the country is adopting to address its financial difficulties. According to Mercadante, the country is facing challenges in keeping its debts up to date after oil prices plummeted in the global market and suffered from the U.S. economic embargo.

Despite criticisms pointing to ideological motivation in Brazil’s financing provision with Venezuela, Mercadante denied such a possibility.

According to him, the financing was granted due to the surplus of US$ 38 billion that Brazil had in relation to the neighboring country, which justified some form of compensation.

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Mercadante also emphasized the importance of regional neighbors for the Brazilian economy, mentioning that the solution to the Argentine economic crisis should be sought with the help of the International Monetary Fund (IMF), and stated that it is unadvisable to turn one’s back on countries like Argentina, Bolivia, Paraguay, Uruguay, and Venezuela. He also highlighted that Brazil cannot isolate itself and look only to Europe and the United States.

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The proposal for debt settlement through oil and electricity can be seen as an attempt to revive the country’s economic activity, which has been suffering from constant financial difficulties.

Renegotiating the debt with Brazil could be one of the solutions to alleviate the finances of the neighboring country. Venezuela has committed to supplying oil to pay its debt with China, which is one of the main investors in the country. The proposal with Brazil arises at a time when the Venezuelan government is seeking alternatives to address its economic difficulties and improve its political and commercial relations with neighboring countries.

Venezuela Proposes To Settle Debt With Brazil Through Oil And Electricity Supply

During his participation in the Roda Viva program on TV Cultura, Mercadante stated that the Venezuelan government requested a table for discussion and renegotiation of debts with Brazil.

Despite criticisms pointing to ideological motivation in Brazil’s financing provision with Venezuela, Mercadante denied such a possibility.

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Venezuela Proposes To Settle Debt With Brazil Through Oil And Electricity Supply

During his participation in the Roda Viva program on TV Cultura, Mercadante stated that the Venezuelan government requested a table for discussion and renegotiation of debts with Brazil.

Despite criticisms pointing to ideological motivation in Brazil’s financing provision with Venezuela, Mercadante denied such a possibility.

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