IMF says it is restoring relations with Venezuela

The IMF said on Thursday that it was restoring relations with Venezuela, a country whose ties with the institution had been on pause since 2019.“Guided by the views of International Monetary Fund members representing a majority of the IMF’s total voting power, and consistent with long-standing practice, the Managing Director Kristalina Georgieva today announced that the IMF is now dealing with the government of Venezuela, under the administration of acting President Delcy Rodriguez,” it said in a statement.Recognition of the Rodriguez government paves the way for the IMF to begin formal economic data-gathering and to potentially offer financial support to the government, if Venezuela were to ask for it.The World Bank is expected to follow, potentially opening up new lines of credit for the economically embattled country.Relations between the International Monetary Fund and Venezuela broke down in March 2019 when the IMF recognised the country’s opposition – which controlled parliament – as the legitimate government of the South American country.Rodriguez was the country’s vice-president until early January, when US forces captured Venezuelan President Nicolas Maduro in a shock overnight operation. Rodriguez was subsequently made interim president.