US President Donald Trump and Venezuela's interim President Delcy Rodriguez held a meeting during the UN General Assembly, focusing on the restructuring of Venezuela's substantial sovereign debt and the country's return to democratic processes. The discussion took place on Tuesday evening, marking their first face-to-face interaction since American forces captured former President Nicolas Maduro in January.
According to US Secretary of State Marco Rubio, Venezuela faces potentially the world's largest sovereign debt burden, which needs to be restructured for the country's economic recovery. Estimates suggest that the government and state oil company Petroleos de Venezuela (PDVSA) have about $60 billion in defaulted bonds, with total liabilities, including accrued interest and other claims, potentially exceeding $150 billion. Rubio emphasized that the US is willing to assist in this restructuring, provided it is executed correctly.
The meeting also touched upon a path towards free elections in Venezuela, a key demand that Washington had previously emphasized. This engagement with Rodriguez, who previously served as Maduro's vice president, comes amid criticisms that the US has softened its stance on democratic demands in favor of potential oil and investment deals with the interim government. The Venezuelan delegation, which included economic and oil officials, aimed to present the country as an attractive investment destination.
Beyond debt restructuring, the discussions reportedly covered cooperation in strategic areas such as energy, mining, and security. Rodriguez's government has already signed an agreement that grants a US-led company 100-year concessions over 17 oilfields, allowing the US to control more than 65 billion barrels of Venezuela's oil reserves. This signifies a significant shift in Venezuela's international engagement after years of diplomatic isolation under the previous administration.
