IMF ready to aid Venezuela if shareholders recognize its leadership

IMF Managing Director Kristalina Georgieva said the Fund is ready to support Venezuela but needs major shareholders to recognize the country's leadership and for Venezuelan authorities to request assistance. She expressed concern about 8 million people leaving Venezuela and about rising inflation, including the risk of hyperinflation.

Kristalina Georgieva, Managing Director of the International Monetary Fund, told Reuters during a visit to Kyiv that the IMF is prepared to support Venezuela if its major shareholders recognize the country's leadership and Venezuelan authorities seek IMF assistance. She said the Fund has maintained a "watchful eye on the economy" despite almost no communication with President Nicolas Maduro's government since 2019. Georgieva noted large-scale emigration and rising inflation as recent developments of concern. The comments were made in the context of an interview in Kyiv. Key points: - The IMF says it is ready to support Venezuela but requires major shareholders to recognize the country's leadership and for authorities to request help. - The Fund has had almost no communication with President Nicolas Maduro's government since 2019 but has been monitoring economic indicators. - Georgieva reported that about 8 million Venezuelans have left the country in recent years, substantially reducing the population. - She said inflation is increasing and the Fund is worried about the risk of hyperinflation re-emerging. Summary: Georgieva framed IMF support as contingent on formal recognition by major shareholders and a request from Venezuelan authorities. She highlighted mass emigration and rising inflation as factors affecting Venezuela's economy, and the Fund says it has been monitoring conditions.