The International Monetary Fund (IMF) announced on Thursday the resumption of its relations with Venezuela after having suspended them in 2019 due to issues of government recognition. as reported in a very brief statement by the managing director, Kristalina Georgieva.
"In accordance with the opinion of the member countries of the International Monetary Fund (IMF) that represent a majority of the IMF's total voting power, and in line with long-standing practice, Managing Director Kristalina Georgieva announced today that the IMF has resumed its relations with the Government of Venezuela, under the administration of interim President Delcy Rodríguez."
Venezuela has been a member of the IMF since December 1946. Relations with Venezuela were suspended in March 2019 due to issues related to government recognition,” the text reads.
The IMF was created on July 22, 1944, at an international conference held in Bretton Woods, New Hampshire, USA. During that decade, economic activity in the major industrial countries was weakening, and governments attempted to bolster their economies by increasing import tariffs.
As the end of World War II approached, the main Allied countries studied various plans to restore order in international monetary relations, with the International Monetary Fund emerging from the Bretton Woods conference and beginning its activities in December 1945.
