Times up. Maduro needs to cough up $19 billion as loans come due to Chinese
Exclusive: Venezuela Faces Heavy Bill as Grace Period Lapses on China Loans
April 27, 2018, at 1:23 p.m.
By Corina Pons
CARACAS (Reuters) - A grace period on Chinese loans to Venezuela has lapsed, according to two Venezuelan sources with knowledge of the matter, potentially depriving the cash-strapped OPEC nation of billions of dollars in desperately needed oil revenue this year.
China eased the payment terms two years ago on some $19 billion in oil-for-loan deals, under which Venezuela sends shipments of crude oil and fuel to pay off debt, allowing Venezuela to make interest-only payments.
The favorable conditions from Beijing helped President Nicolas Maduro's socialist government weather a collapse in Venezuela's economy, which slid into hyperinflation and a painful recession following a downturn in oil prices.
But the grace period has lapsed without a renewal in recent weeks, according to the sources, who have been briefed by Chinese and Venezuelan officials.
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https://money.usnews.com/investing/news/articles/2018-04-27/exclusive-venezuela-faces-heavy-bill-as-grace-period-lapses-on-china-loans-sources