The International Monetary Fund (IMF) is considering opening a local office in Venezuela for the first time in years, in the context of an increase in collaboration between both parties.
This evaluation responds to Venezuela’s recent willingness to share more economic data with the IMF, which has facilitated the organization’s search to strengthen its technical assistance in the country. Although there have been discussions about this with Venezuelan officials, no definitive decision has been made, according to sources who prefer to remain anonymous due to the confidential nature of the information.
Nevertheless, an IMF spokesperson stated that the Fund has been in constant contact with Venezuelan authorities to deepen their cooperation. This initiative comes about five months after the formal resumption of joint work between Venezuela and the IMF under the interim administration of Delcy Rodríguez. In late July, an IMF delegation visited Caracas, marking the first presence of the organization in more than two decades.
Subsequently, a technical team from the IMF is currently in the Venezuelan capital working on areas such as capacity development and improving data provision. It is worth noting that the IMF has not conducted a standard annual review, known as the Article IV consultation, since 2004. However, Venezuela has begun to publish key economic data, such as inflation and gross domestic product, after years of inconsistencies in publications.
The Venezuelan government, which is facing a severe financial crisis, has been collaborating with the Trump administration to open the country to foreign investments and establish a framework for restructuring its debt, which has been in default for almost a decade. Local IMF offices are designed to allow for closer engagement between Fund staff and the governments of member countries, thus contributing to the technical assistance provided to these countries.
Source: www.infobae.com
