Currently, the South American country has about US$4.8 billion in assets deposited with the International Monetary Fund.

This week, International Monetary Fund (IMF) Director Kristalina Georgieva held a phone conversation with Venezuelan Acting President Delcy Rodriguez to discuss allowing the South American country to access part of its assets to respond to the emergency caused by the earthquakes.

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“They discussed the use of Venezuela’s reserve tranche at the IMF, which constitutes an important source of liquidity that is readily accessible and can be mobilized quickly,” IMF spokeswoman Julie Kozack said.

Currently, Venezuela has about US$4.8 billion in assets deposited with the IMF, of which US$350 million corresponds to its reserve tranche and US$4.5 billion to Special Drawing Rights (SDRs).

“We have been working with the counterparts to facilitate access to Venezuela’s own resources at the Fund,” Kozack confirmed, adding that reserve tranche assets are immediately available to help meet urgent humanitarian needs.

In April, the International Monetary Fund and the Venezuelan government resumed relations, which had been suspended since 2019.

Since then, the multilateral institution and Venezuelan authorities have held regular meetings aimed at completing the technical procedures that would allow the South American country to regain access to IMF financial instruments in the future.

This week, a group of more than 100 economists and academics urged the IMF to facilitate the country’s access to international financial mechanisms to address the emergency caused by the June 24 earthquakes, which have killed 3,811 people and injured 16,749 others so far.

teleSUR/ JF

Sources: IMF – EFE

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