The International Monetary Fund (IMF) could announce in the coming days the normalization of its relations with Venezuela, after years of interruption, as indicated this Thursday by the first vice president of the Spanish Government and Minister of Economy, Carlos Body.
“I think we will be able to reach that majority (within the IMF executive board) and that we will know it in the coming days,” Corpus told reporters during the spring meetings of the IMF and the World Bank in Washington.
The Spanish minister specified that the result could be known even before the assemblies conclude: “I cannot tell you (the exact deadline), but I think that during these days of the assemblies we should know the result.”
US support and lifting of sanctions
US Treasury Secretary Scott Bessent this week endorsed the IMF’s work to reinstate Venezuela and help it become “a normal economy.” Bessent stressed that the country “is returning to a good trajectory.”
In parallel, the US Treasury Department announced on Tuesday the lifting of sanctions on the Central Bank of Venezuela and three other public banking entities (Banco de Venezuela, Banco Digital de los Trabajadores and Banco del Tesoro). This measure seeks to facilitate the reactivation of financial and commercial relations.
Spain has supported the normalization of IMF relations with Venezuela from the first moment. “It would help—it is another step in financial terms—to normalize the situation in Venezuela,” Corpo stressed.
The IMF interrupted its formal relations with Venezuela in 2019 due to institutional recognition problems. Currently, the organization cannot maintain official contacts or provide financing until Delcy Rodríguez’s administration is recognized by the majority of the members of the executive board. In recent weeks, the IMF has distributed a survey among its members to advance this process.
If normalization is achieved, Venezuela could access multilateral financing instruments, which would represent an important step forward in its reintegration into the international financial system after more than six years of isolation.
