The Daily Journal.- The International Monetary Fund (IMF) reported this Thursday that, for the moment, it remains on the sidelines of the debt restructuring strategy announced by the Venezuelan government.
According to a report by the EFE news agency, the multilateral organization has not participated in the design of the economic framework or the debt sustainability analysis that the administration of interim president Delcy Rodríguez plans to formally present next June.
The clarification comes after Caracas officially announced the launch of a comprehensive process to renegotiate the financial obligations of the Republic and Petróleos de Venezuela (PDVSA).
“We are aware of yesterday’s announcement, and we are currently waiting to learn more details about it. So far, we have not been involved in this process regarding the debt restructuring announcement,” IMF spokesperson Julie Kozack said during a press conference reported by EFE.
No Financing Request
Kozack specified that, in restructuring processes, the Fund does not directly intervene in negotiations between a country and its creditors. However, the organization usually provides a Debt Sustainability Analysis (DSA) when the process is carried out under the framework of an institutional lending program. In this regard, the spokesperson confirmed that, following the resumption of relations in April, Venezuela has not requested any type of financial support.
Despite this technical distance on the debt issue, contacts between Washington and representatives of Venezuela’s Ministry of Finance and Central Bank (BCV) continue on a “regular” basis. These exchanges are focused on the collection of macroeconomic statistics to which the IMF has not had formal access in more than twenty years.
Priority on Data Transparency
For the organization, obtaining these figures is an essential regulatory step before advancing toward any stage of advisory assistance. “The provision and generation of such data constitutes a requirement established in our Articles of Agreement so that we can assess macroeconomic developments and, ultimately, provide policy advice to Venezuela,” Kozack emphasized.
With information from EFE.
