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🇻🇪 Venezuela /Disasters & Emergencies

Venezuela accesses $346 million from IMF for earthquake recovery

From El Nacional · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Named sources Outcome reported
  • Venezuela has accessed $346 million from the International Monetary Fund (IMF) to aid recovery efforts following devastating earthquakes on June 24.
  • The funds, described as Venezuela's "own resources," will support affected families with housing, infrastructure, and essential public services.
  • This access to IMF resources follows the resumption of relations between Venezuela and the IMF in April, after a suspension since 2019.

Venezuela has secured access to $346 million from the International Monetary Fund (IMF) to bolster its recovery and reconstruction efforts after a series of devastating earthquakes struck on June 24. Vice President Delcy Rodríguez announced that these funds, drawn from Venezuela's "own resources" within the IMF, will be crucial in assisting affected families with housing, infrastructure, and essential public services.

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

— Delcy RodríguezThe Vice President details how the IMF funds will be utilized.

Rodríguez expressed gratitude to IMF Managing Director Kristalina Georgieva for her support and commitment, emphasizing that the government will "continue working tirelessly to protect our people and advance the country's recovery." This development comes after Rodríguez's July 8 call with Georgieva to discuss the release of "blocked resources" and her repeated calls for an end to sanctions against Venezuela.

We will continue working tirelessly to protect our people and advance the country's recovery.

— Delcy RodríguezThe Vice President reaffirms the government's commitment to recovery efforts.

An IMF spokesperson, Julie Kozack, clarified on July 9 that the discussion involved Venezuela's "reserve tranche," a readily accessible source of liquidity. This reserve tranche is distinct from the Special Drawing Rights (SDRs) held by the IMF, which amount to approximately $4.5 billion, bringing Venezuela's total assets with the fund to nearly $5 billion. The reserve tranche is intended for immediate use in addressing urgent humanitarian needs arising from disasters.

the use of Venezuela's reserve tranche at the IMF, which constitutes an important and easily accessible source of liquidity that can be mobilized quickly.

— Julie KozackThe IMF spokesperson explains the nature of the accessed funds.

The earthquakes, which primarily impacted the La Guaira region, have resulted in over 5,000 deaths, more than 16,700 injuries, and left nearly 18,000 people homeless. Authorities anticipate the number of displaced individuals to rise as building inspections continue, with an estimated 25,000 new homes needed. In parallel, Rodríguez has also requested the release of Venezuelan gold held by the Bank of England from King Charles III.

is the resource that Venezuela has indicated it wishes to use.

— Julie KozackThe IMF spokesperson confirms Venezuela's intention to use its reserve tranche for disaster relief.
DistantNews Editorial

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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