The International Monetary Fund (IMF) announced on Thursday the restoration of its relations with Venezuela, which had been suspended since 2019. “The Managing Director, Kristalina Georgieva, announced today that the International Monetary Fund is now engaging with the Venezuelan government, under the interim presidency of Delcy Rodriguez,” the Fund said in a statement. This information was confirmed by the interim president: “We have reinstated Venezuela’s representation within this international organization” and “we are normalizing all processes involving Venezuela’s rights with the institution.” The restoration of relations paves the way for the possibility of providing financial support to Venezuela, if the government were to request it.
A restoration of relations following Maduro’s ousting
In recent years, the IMF had continued to include Venezuela in the data published concerning the American continent, but their bilateral relations were suspended in 2019 when the Fund recognized the opposition, which was then controlling the Venezuelan parliament, as the legitimate government. The ousting of President Nicolas Maduro during a US military operation earlier this year had already prompted the Fund to initiate a consultation of its members to decide on the next steps.
The World Bank may follow suit, opening up new lines of credit for this economically devastated country.
