IMF rejects emergency aid to Venezuela

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Venezuelan President Nicolás Maduro hoped to get $ 5 billion from a corona crisis fund. However, many IMF countries do not recognize the government.

The International Monetary Fund (IMF) refuses to help Venezuela, which is badly hit economically, with an emergency loan worth billions. The Venezuelan government’s request could not be taken into account because there is no clarity among the 189 IMF member states as to who is considered the legitimate government of the South American country, a spokesman for the Monetary Fund said.

“Unfortunately, the fund is unable to examine this application. As we mentioned earlier, the IMF’s engagement in member countries is based on the government’s official recognition by the international community,” the IMF statement said. “There is currently no clarity about recognition.”

Venezuela has been politically uncertain since opposition leader Juan Guaidó declared himself the new interim president in January. He fights for power with long-time President Nicolás Maduro. Guaidó is recognized by more than 50 countries.

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