CARACAS, May 13 (Xinhua) -- Venezuela has begun a "comprehensive and orderly process" to restructure the country's foreign debt and that of the state-owned oil company Petroleos de Venezuela S.A. (PDVSA), the government announced Wednesday.

The measure aims to lighten the country's financial burden and redirect resources toward national economic recovery, according to an official release posted by Venezuelan Communication and Information Minister Miguel Perez Pirela on Telegram.

Venezuela has been meeting its international financial obligations over the years but its ability to pay has been affected since 2017 by "unilateral coercive measures," or sanctions, the government said.

Restructuring seeks to "put the economy at the service of the Venezuelan people and free the country from the burden of accumulated debt," while promoting economic growth and the well-being of the people, it said.

Authorities expect to secure "substantial debt relief," the government said, adding Venezuela "will fulfill its commitments in a sustainable manner."

The announcement comes just days after the U.S. Treasury Department, through the Office of Foreign Assets Control, authorized the hiring of legal, financial and consulting services for the eventual restructuring of Venezuela's and PDVSA's debt.