Chinese overseas lending / VEN
Venezuela: debt owed to China
In 2021, Venezuela is estimated to have owed China $6.59bn, which ranks it 21 of 126 borrowers in the panel by dollars owed. The estimated stock peaked at $32.88bn in 2015.
The estimated stock, 2000 to 2021
The largest single-year move in the estimated stock is 2011, when it rose by $13.89bn.
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending. Selection: estimated stock owed to China by Venezuela, by year and instrument, 2000 to 2021. Zeros are estimated zeros (no known loans outstanding), not missing values. Methodology
Against what Venezuela reports owing to all creditors
No comparison is possible. Venezuela has no row in the World Bank International Debt Statistics table. There is no reported all-creditor stock to measure the China estimate against, so the ratio is n/a, not zero and not a hundred percent. This is a difference in the scope of the two datasets, not evidence of anything hidden. The two-sources page lists every borrower in this position.
Chinese restructurings involving Venezuela
5 deals recorded between Venezuela and Chinese state creditors. These are context, not accounting: the source records face-value reduction as a flag rather than a magnitude, so no haircut percentage exists for them, and nothing here is netted off the estimated stock above.
Creditor: China Development Bank
In 2020, China Development Bank extended a new grace period on outstanding debt until the end of 2020.
Kratz et al. (2020)
Creditor: China Development Bank
In 2018, China Development Bank granted an additional grace period extension. There are no details on the change in financial terms and on which loans were treated.
Kratz et al. (2020)
Creditor: China Development Bank
In 2016, China Development Bank (CDB) rescheduled Government of Venezuela's outstanding debt obligations one more time. According to AidData, the rescheduling covered the entire portfolio of roughly $50 billion in existing loans. CDB granted an additional two-year grace period and lowered minimum oil shipment quantities. The agreement also seems to have introduced state-contingent features that linked repayments to oil price fluctuations.
AidData 2.0
Creditor: China Development Bank
In 2015, China Development Bank extended loan maturities under the loan-for-oil deals and allowed Venezuela to make repayments in bolivars.
AidData 2.0
Creditor: China Development Bank
In 2014, China Development Bank restructured the repayment terms for oil-backed loans under the China Venezuela Joint Fund. The agreement removed the minimum quantity of oil that had to be exported (previously 330 thousand barrels per day), and allowed Venezuela’s government to make contributions to the Fund in local currency rather than US dollars. Reports also suggest that the maturity of one of three loan tranches was extended.
AidData 2.0
Source: Horn, Reinhart and Trebesch, Hidden Defaults (World Bank Policy Research Working Paper 9925). Selection: every recorded restructuring agreement between Venezuela and a Chinese state creditor. Face-value reduction is a 0/1 flag in the source, not a percentage; the badge appears only where the source sets it. Methodology