IMF Releases $346 Million to Venezuela for Post-Earthquake Reconstruction

Venezuela has gained access to $346 million from the International Monetary Fund (IMF), funds that were previously blocked. The money is earmarked for the reconstruction of areas devastated by earthquakes on June 24, according to acting president Delcy Rodríguez.

Rodríguez announced on Telegram that Venezuela initially accessed these funds from its own resources held within the IMF. The country possesses approximately $5.1 billion in Special Drawing Rights (SDRs), which had been frozen because the IMF did not recognize Nicolás Maduro as the legitimate president. This access to funds is expected to aid families with housing, infrastructure, and essential public services.

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This will allow us to support affected families in housing, infrastructure, essential public services, among other requirements.

The IMF and the World Bank officially resumed relations with Venezuela in April, ending a freeze that began in 2019. This development followed a period of strained international relations, particularly after an alleged military incursion in January aimed at ousting Maduro.

Rodríguez, who serves as vice president under Maduro, is governing amidst significant pressure from the United States. Her administration has been pursuing legal reforms to encourage private investment in key sectors like oil, mining, and gas. Venezuelan Vice President of Economy and Finance, Calixto Ortega Sánchez, met with IMF Managing Director Kristalina Georgieva in late May, marking a significant step in re-establishing formal ties, as the last such meeting occurred in 2004.

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After the devastating seismic doublet that affected our country, Venezuela initially accessed USD $346 million of its own resources in the International Monetary Fund.