Venezuela’s President Nicolas Maduro, center, with his wife Cilia Flores, left, and Constitutional Assembly President Delcy Rodriguez wave as they arrive to the National Assembly building for a session with the Constitutional Assembly in Caracas, Venezuela. (Ariana Cubillos/AP)

MOSCOW — The Russian Finance Ministry says it has signed a deal to restructure Venezuela’s debt.

The ministry said Wednesday’s deal signed in Moscow envisages that Venezuela will pay its $3.15 billion debt to Russia over 10 years. It noted that payments will be “minimal” during the first six years.

The ministry added that the debt restructuring agreement will allow Venezuela to allocate more funds for economic development.

The deal was signed a day after Venezuela hosted foreign investors to discuss strategies for reorganizing its debt.

Venezuela used its oil wealth to spend heavily on social programs under the late President Hugo Chavez. The drop in world oil prices has ravaged its economy, leading to widespread shortages amid triple-digit inflation.