U.S. Secretary of State Marco Rubio declared on Wednesday that Washington's objective for Venezuela's transition is not solely to achieve free and fair elections but to establish a "lasting republic" supported by a functional economy capable of ensuring stability.
During his address, Rubio discussed Venezuela's political and economic future, emphasizing that the country's recovery must proceed in tandem with institutional rebuilding and the process of paving the way for free and fair elections.
Rubio confirmed that President Donald Trump and Venezuela's interim president, Delcy Rodríguez, discussed the restructuring of Venezuela's debt during their meeting in New York. "Our goal is not just elections that are free and fair but a sustainable republic," Rubio explained to reporters, warning that any democratically elected government could face significant challenges if it inherits a deeply deteriorated economic and social situation.
Economic Recovery and Institutional Reconstruction
The U.S. diplomat emphasized that Washington aims to progress on two fronts: economic recovery and creating the necessary institutional conditions for free and fair elections. "We want to assist them in rebuilding their economy to a level of stability that allows an elected government to succeed," he stated.
Rubio highlighted that a crucial part of this process involves restructuring Venezuela's debt, a topic discussed between Trump and Rodríguez. "There's much to fix for Venezuela to thrive. We talked about the steps still needed to achieve this, and restructuring the debt is essential," he noted.
He assured that the United States is eager to collaborate in this process, but insisted that "it must be done correctly."
Debt Restructuring and Future Challenges
Venezuela announced in May its plans to restructure its sovereign debt and that of the state oil company, Petróleos de Venezuela (PDVSA), after defaulting since 2017. Currently, sovereign and PDVSA bonds in default amount to around $60 billion, while analysts estimate Venezuela's total obligations, including accrued interest, other claims, and arbitration awards, fall between $150 billion and $200 billion.
Rubio described the Trump-Rodríguez meeting in New York as "brief but important," asserting that economic recovery must advance alongside political transition. "There must be a political transition process, which is already underway," he stated.
Creating Conditions for Political Transition
According to Rubio, representatives associated with the National Assembly elected in 2015 are engaged in regular discussions with interim authorities to establish the essential conditions for rebuilding Venezuela's institutions. Washington, he noted, deems certain elements indispensable, such as media outlets capable of reporting freely, candidates able to engage with the public, organized political parties, and electoral authorities that inspire confidence in vote counting and publication.
He also mentioned that numerous political leaders remain outside the country and require conditions to reorganize their parties. "It's not just about María Corina, a very courageous woman. There are others who are abroad," he said.
Rubio has previously suggested that elections require the reconstruction of specific institutional guarantees during the transitional process that Washington claims to be promoting in Venezuela.
The Secretary of State emphasized that economic stability is crucial to prevent a potential new government from inheriting a situation that could jeopardize the transition itself. "What would threaten a lasting republic in Venezuela is if someone is elected and inherits a complete economic and social catastrophe," he affirmed.
Strengthening Economic Ties
The rapprochement between Washington and Caracas has accelerated in recent months. In late August, the United States and Venezuela announced a comprehensive agreement related to the development of Venezuelan oil reserves, another component of the economic recovery strategy led by the Trump Administration.
Understanding Rubio's Vision for Venezuela
What is Marco Rubio's main objective for Venezuela?
Rubio's main objective is to establish a lasting republic in Venezuela, supported by a functional economy capable of ensuring stability, alongside free and fair elections.
What role does economic recovery play in Venezuela's transition?
Economic recovery is crucial as it must happen concurrently with institutional rebuilding, ensuring that a future government can succeed without inheriting a deeply deteriorated economic situation.
What are the key components of the U.S. strategy for Venezuela's recovery?
Key components include restructuring Venezuela's debt, ensuring media freedom, organizing political parties, and establishing electoral authorities that inspire public confidence.