The Daily Journal — The International Monetary Fund (IMF) and representatives of the Venezuelan government held a high-level meeting in Washington last weekend to define areas for immediate technical cooperation. The meeting advanced efforts to resume the periodic bilateral consultations known as Article IV consultations, through which the IMF formally assesses the financial health of its member countries.
IMF spokesperson Julie Kozack disclosed the information during a press briefing on Thursday and outlined the main topics discussed, according to the EFE news agency.
“During the meeting, participants discussed how the IMF can support Venezuela’s efforts to strengthen macroeconomic stability, including the possibility of conducting an Article IV consultation,” Kozack said.
IMF Managing Director Kristalina Georgieva led the meeting alongside officials from the institution’s Western Hemisphere Department. The Venezuelan delegation included Sectoral Vice President for the Economy and the country’s IMF governor, Calixto Ortega, as well as Central Bank of Venezuela (BCV) President Luis Pérez.
Focus on Technical Assistance and Statistics
The IMF spokesperson explained that both sides concentrated on identifying Venezuela’s most urgent needs and the areas where the institution can provide immediate support.
“The discussions focused on how the IMF can support the priorities of the Venezuelan authorities and the areas where the Fund can provide immediate assistance through capacity development,” Kozack noted.
She added that participants reviewed “technical assistance priorities, specifically fiscal management, strengthening the monetary policy framework, and improving macroeconomic statistics.”
The IMF has emphasized its interest in normalizing the flow of economic data from Venezuela, as the institution has lacked formal and comprehensive access to the country’s economic statistics for more than two decades.
After concluding the meetings in Washington, both sides established a follow-up plan.
“At the end of the meeting, the Venezuelan authorities and IMF staff agreed to continue working together to deepen this type of technical collaboration and provide short-term technical assistance,” Kozack added.
No Role in Debt Restructuring Talks
This new phase of engagement follows the IMF’s April announcement that it would formally resume bilateral relations with Venezuela after a suspension that began in 2019. Although these contacts could help Venezuela regain access to international financing instruments in the future, the IMF distanced itself from other financial processes currently underway.
Kozack reiterated that the institution “is not yet participating in discussions regarding debt restructuring,” a process currently underway under the administration of acting President Delcy Rodríguez.
According to reports cited by EFE, Venezuelan authorities expect to present an economic framework later this month that will include a technical debt sustainability analysis. Authorities are conducting this macroeconomic review independently, with assistance from the U.S.-based investment banking and advisory firm Centerview Partners, as part of preparations for negotiations with international creditors.
With information from EFE.
