Venezuela says better oil loans deal reached with China

Reuters News
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Posted: May 16, 2016 12:55 PM

CARACAS (Reuters) - Venezuela has reached a deal with its main financier China to improve the conditions of an oil-for-loans deal, giving the OPEC member's crisis-hit economy "oxygen" ahead of heavy debt payments, Venezuela's top economic official said on Monday.

Economy Vice-President Miguel Perez told Reuters "all" conditions, including loan time frames, investment amounts and non-financial aspects, had been improved.

China has lent some $50 billion to Venezuela under the arrangement, and investors are watching closely to see if Beijing will help President Nicolas Maduro's socialist government as it struggles with recession, shortages and reduced oil revenue.

(Reporting by Alexandra Ulmer and Corina Pons; Editing by Andrew Cawthorne and Paul Simao)