IMF and World Bank restore relations with Venezuela, recognizing acting President Delcy Rodriguez
via Punch Nigeria3 min read
The International Monetary Fund and World Bank announced on Thursday their decision to restore relations with Venezuela, recognizing the administration of acting President Delcy Rodriguez. This move follows a poll of IMF members and aims to legitimize the interim government, potentially opening avenues for financial support. The Venezuelan government, through acting President Rodriguez, confirmed its recognition of this renewed relationship, which had been frozen since 2019. The institutions' recognition paves the way for formal economic data-gathering, technical advice, and potential financial assistance if requested by Venezuela. Relations between these financial bodies and Venezuela had deteriorated in March 2019 when the Fund recognized the opposition as the legitimate government. The last formal IMF assessment of Venezuela's economy was in 2004, and Caracas cleared its World Bank debt in 2007. This development is seen as an important step beyond personal endorsements, providing institutional legitimacy for Rodriguez and potentially reassuring foreign private investors. The announcement coincides with the IMF-World Bank Spring Meetings, and the US has encouraged greater engagement with Venezuela under Rodriguez, recently easing sanctions on the Venezuelan Central Bank. Rodriguez, formerly vice president, became interim president after the capture of President Nicolas Maduro. Her long-term position is not guaranteed, as Venezuela's opposition recently called for fresh pres
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