IMF resumes dealings with Venezuela after more than 6-year suspension

The International Monetary Fund (IMF) announced Thursday that it has resumed dealings with Venezuela after a suspension of more than six years, marking a significant step toward the country’s reintegration into the global financial system.

In a statement, IMF Managing Director Kristalina Georgieva said the decision was taken “guided by the views” of member countries representing a majority of the Fund’s voting power and in line with long-standing institutional practice.

The IMF said it is now engaging with Venezuela under the administration of acting president, Delcy Rodriguez.

Venezuela has been a member of the IMF since December 1946, but the Fund suspended its dealings with the country in March 2019 due to disputes over the international recognition of its government.

After months of heightened tensions, the US captured Venezuelan President Nicolas Maduro on Jan. 3, triggering a series of developments, including Rodriguez being sworn in as interim president, changes to the country’s flagship oil law, and the release of some political prisoners.