IMF and World Bank resume relations with Venezuela after freeze since 2019

The International Monetary Fund and World Bank announced on Thursday that they are resuming their relations with Venezuela, a step that would bolster the legitimacy of the interim government in Caracas and open new avenues for international financial support.

The Venezuelan government confirmed the restoration of relations with the two global financial institutions, after they were frozen since 2019.

The IMF said in a statement that Managing Director Kristalina Georgieva announced that the Fund is now engaging with the Venezuelan government led by interim President Delcy Rodriguez, following consultations with member states on recognizing legitimate authority in the country.

Rodriguez confirmed in a televised statement that this step represents "restoring things to their proper order" regarding Venezuela's rights within international institutions.

The World Bank also announced the resumption of its cooperation with the Venezuelan government, enabling the start of economic data collection and technical advice, with the possibility of future financial support if requested by the government.

Relations between Venezuela and the two financial institutions were severed in March 2019, after the IMF at the time recognized the opposition-controlled parliament as the legitimate government, while the last official economic review of Venezuela dates back to 2004.