China did not offer debt relief for Venezuela

Almaty. November 17. Silkroadnews - China has not offered debt relief for Venezuela, the Tampa Bay Times reported.
“China made no offer of debt relief to Venezuela, but said it was confident the country can deal with the problem,” the report said.
It is noted that the statement by the Foreign Ministry was made a day after Russia and Venezuela signed an agreement in Moscow saying Venezuela will pay a debt of $3.15 billion to Russia over 10 years. For comparison, Venezuela owes China $23 billion.
“We believe that the Venezuelan government and people are capable of properly handling the debt issue”, the agency quoted China’s Foreign Ministry spokesman Geng Shuang saying.
According to the terms of the agreement with Russia, Venezuela’s payments will be “minimal” during the first six years. This will allow Venezuela to allocate more funds for economic development.
Under Venezuelan President Hugo Chavez, the country used its oil wealth to invest heavily in social programs. The economic situation has been complicated by a drop in the global crude prices, with a serious shortage of funds and a triple-digit inflation generating major social unrest.