Venezuela Government and Opposition Agree to Recover Overseas Assets for Quake Victims

Caracas, Aug 12 (EFE) – In a significant step towards post-disaster recovery, Venezuela's government and a segment of the opposition have reached an agreement to retrieve the nation's international reserve assets held in the Bank of England. This accord, finalized during the first cycle of dialogue, aims to channel these funds towards assisting those affected by the devastating earthquakes that struck the country on June 24.

The joint statement, read by Parliament President Jorge Rodríguez and former deputy Dinorah Figuera, outlined that both parties will collaborate to recover these assets. Crucially, the agreement also mandates the creation of transparency, traceability, and auditing mechanisms. These measures are designed to ensure the efficient and responsible utilization of the recovered resources, guaranteeing the welfare of all earthquake victims.

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recover international reserve assets

Venezuela was hit by two powerful earthquakes, measuring 7.2 and 7.5 magnitude, on June 24. The natural disaster resulted in at least 6,301 fatalities, left nearly 18,000 people homeless, and caused material damage estimated by the World Bank at $19.6 billion. In July, Rodríguez indicated that an estimated 25,000 new homes would be needed for those displaced by the disaster.

Earlier this year, the interim head of state, Delcy Rodríguez, had sent letters to various countries where Venezuelan assets are reportedly held, seeking their release. She was also reportedly developing financial strategies to quickly access these funds. A letter was also sent to British King Charles III, requesting the release of Venezuela's gold reserves held at the Bank of England for recovery efforts. The Venezuelan government stated in 2023 that it has 31 tons of gold, valued at approximately $1.95 billion, frozen in the Bank of England due to legal challenges in the UK regarding the legitimacy of former President Nicolás Maduro.

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create mechanisms of transparency, traceability and auditing in the efficient use of these resources, "to guarantee the welfare of all affected."