11:55 GMT08 July 2020
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    Political Crisis in Venezuela (579)

    US Treasury Secretary Steven Mnuchin said Tuesday that Washington would use both International Monetary Fund (IMF) and the World Bank resources to rebuild Venezuela.

    "The real issue is that we are focused on is what would it take to unlock IMF resources to the interim government and that is something we are constructively working with the IMF on", Mnuchin said. The United States is "very focused at the appropriate time of the transition of using both, IMF and World Bank resources to rebuild the country", Mnuchin stressed.

    READ MORE: Brazil's President Bolsonaro Says Venezuela Can Not Stay As It Is — Report

    Back in January, the United States blocked $7 billion in PDVSA assets in its jurisdiction and imposed a ban on deals with the entity as part of efforts to facilitate a power transfer in the crisis-torn country.

    US Treasury Secretary Steven Mnuchin said that by blocking PDVSA assets, the United States was taking care of this company in the interests of the Venezuelan people. Caracas has slammed the move as unlawful and accused Washington of seeking to get its hands on Venezuelan oil reserves.

    READ MORE: US, Brazilian Vice Presidents Talk Efforts to Oust Venezuela’s Maduro – Report

    In February, the US office of Guaido, who illegally proclaimed himself interim president of Venezuela in January and was swiftly recognized by Washington, announced CITGO's new board of directors. PDVSA called the appointment an attempt to "steal the wealth of the people", while Venezuelan President Nicolas Maduro promised to bring to trial those who would recognize the new appointments.

    The US Treasury Depatment also made the designations to target Venezuela’s gold operations that support the Maduro government in late March, imposing sanctions n Venezuela's state-run Minerven mining company.

    Russia, China, Turkey, Bolivia have been among the states that backed constitutionally elected Maduro as the only legitimate president of the country amid the ongoing political crisis.

    READ MORE: Venezuela vs America – Support the Legal Government Not the Illegal Rogue Nation

    Political Crisis in Venezuela (579)


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