Venezuela Gets $10.5B Debt Issue Approval

Venezuela’sFinance Commissionhas approved the issue of $10.5 billion debt,The Wall Street Journalreports. The securities, which will be issued in the second half of this year, will be sold in dollars and local currency.

The government may also sell local-currency notes that mature between 2013 and 2021, while dollar securities will carry maturities of five to 30 years. The government plans to divide around $6.9 billion evenly between housing-construction, jobs-creation program and another assistance program for the agricultural sector, while the will be used for repayment of existing debt and emergency funds.

Click here for the story fromThe Wall Street Journal.