WASHINGTON (Reuters) - The International Institute of Finance, acting as an adviser to a group of U.S. and international holders of Venezuelan debt, said on Friday it was discussing how to proceed amid an invitation by President Nicolas Maduro to meet next week.
“The IIF has been acting in an informal, advisory capacity providing a forum for a group of bond holders to discuss the situation,” IIF Executive Managing Director Hung Tran told Reuters. “This informal group will take note of the Venezuelan announcements and discuss how to proceed,” he added.
The IIF, which represents some of the world’s largest banks and institutions, estimated that Venezuela’s economy shrank by 15 percent in 2016 and another 10 percent this year, with inflation expected to near 1,000 percent by the end of the year.
It estimated that Venezuela has public external debt of about $150 billion, including $45 billion in government debt, $45 billion in PDVSA debt, $23 billion owed to China, and $14 billion in commercial liabilities and other claims.
Reporting by Lesley Wroughton; editing by Diane Craft