San Francisco Frontiers - Spain VP says IMF could recognize Venezuela soon, hastening reengagement

"I believe we will secure a sufficient majority to make this happen," Cuerpo, who is also his country's economic minister, told reporters on the sidelines of the IMF and World Bank Spring Meetings in Washington.

"We will know in the coming days," he added.

The fund has undertaken internal consultations with its member states to decide whether it should recognize the government of interim President Delcy Rodriguez, who assumed power following the ouster of leftist strongman Nicolas Maduro by US forces in January.

Although the IMF continues to include Venezuela in its regular reports on Latin America and the Caribbean, relations were suspended in 2019, when the fund recognized the opposition -- which controlled the parliament -- as the legitimate government.

Even after recognition by the IMF, any new engagement between it and Venezuela would have to come at the request of the Venezuelan government.

US President Donald Trump's administration quickly began working with the Rodriguez government in January, and Washington recently recognized it as legitimate.

On Tuesday, US Treasury Secretary Scott Bessent said "the IMF is working on bringing Venezuela back in -- to make it look more like a normal economy."

At the heart of the negotiations lies access to Venezuela's reserves held at the IMF, a key issue for negotiating loans and aid programs.

Cuerpo explained that he has no meetings scheduled with members of the US government during his stay in Washington.

N.Flores--SFF