Venezuelan business guild urges release of $10 billion in international funds for earthquake recovery

Consecomercio, Venezuela's leading commerce and services guild, is calling for the immediate release of roughly $10 billion in Venezuelan assets held abroad. The guild specifically targets funds held in the United Kingdom and Portugal, along with Special Drawing Rights (SDRs) from the International Monetary Fund (IMF), to address the national emergency caused by earthquakes on June 24.

"The guild joins the voices calling for the release of funds abroad, specifically in the United Kingdom, Portugal, and the special drawing rights of the International Monetary Fund (IMF), which correspond to the Venezuelan state, estimated at about $10 billion," Consecomercio stated in an official release. The guild believes these funds could significantly contribute to national reconstruction, with estimates for infrastructure damage ranging from $7 billion to $13 billion, not including broader economic impacts.

Consecomercio proposes that the released resources be managed through a trust fund dedicated solely to national reconstruction. Priority areas would include housing, hospitals, roads, public services, and support for small and medium-sized businesses, particularly in the most affected regions. Preliminary estimates from the United Nations Development Programme (UNDP) place the direct damages from the earthquakes at least at $6.7 billion, while another UN agency estimates direct losses at $37 billion.

The assets in question include 31 tons of gold reserves, currently valued at over $4.1 billion, held at the Bank of England. Consecomercio also refers to the IMF's SDRs, a type of reserve asset. The Venezuelan government has repeatedly sought the release of these gold reserves and SDRs, which are part of the country's international reserves but currently inaccessible. The IMF previously recognized an interim government related to Venezuela, which could allow access to $4.9 billion in SDRs.

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The guild joins the voices calling for the release of funds abroad, specifically in the United Kingdom, Portugal, and the special drawing rights of the International Monetary Fund (IMF), which correspond to the Venezuelan state, estimated at about $10 billion.