CARACAS.– Venezuela managed to have access to 346 million dollars of “his own resources“that are blocked in the International Monetary Fund (IMF) for the recovery and reconstruction process after the devastating earthquakes on June 24, according to the head in charge of the country, Delcy Rodríguez.
In a statement, Rodríguez assured that the funds obtained will allow “support for affected families in housing, infrastructure, essential public services, among other requirements.”
Rodríguez thanked the director of the IMF, Kristalina Georgieva, for “her support and commitment, as well as all the institutions that made this important step possible.”
Venezuela maintains assets of 5,000 million dollars “retained” in the international financial organization, of which 500 million dollars belong to the reserve tranche from which the amount available for immediate use is derived.
Venezuela and IMF agree on resources
The head in charge had reported on July 8 that she held a call with Georgieva for the release of “blocked resources from Venezuela” in the IMF.
Access to funds suspended since 2019 was subject to conditions imposed by the IMF after Venezuela reestablished its membership and resumption of the relationship.
The Chavista leader has since insisted on ending sanctions against Venezuela and blocking the resources that, she said, her country now needs for the reconstruction process.
On July 9, Fund spokesperson Julie Kozack explained in a press conference that Georgieva and Rodríguez spoke about “the use of Venezuela’s reserve tranche in the IMF, which constitutes an important and easily accessible source of liquidity that can be mobilized quickly.”
The assets in the reserve section are immediately available to “help address the urgent humanitarian needs derived from the disaster” and “it is the resource” that Venezuela “has indicated it wants to use,” Kozack added.
