The International Monetary Fund on Thursday formally re-engaged with Venezuela under acting President Delcy Rodríguez, a breakthrough that could unlock billions of dollars in financing and marks a turning point in the country’s return to the global economic system.
IMF Managing Director Kristalina Georgieva said the decision reflects the backing of member countries representing a majority of the fund’s voting power and follows long-standing institutional practice.
The IMF suspended its dealings with Venezuela in 2019 after a breakdown in international consensus over who legitimately held power following the country’s disputed 2018 presidential election, widely denounced by the United States and dozens of other governments as fraudulent.
The renewed engagement clears the way for the fund’s first comprehensive assessment of Venezuela’s economy in years — a critical step that analysts say could eventually unlock access to frozen Special Drawing Rights and other sources of funding.
It also sends a strong signal to foreign investors, many of whom have remained on the sidelines after years of political turmoil, economic collapse and sanctions.
“We have resumed Venezuela’s representation in this international organization… we are normalizing all processes that involve Venezuela’s rights in the organization,” Rodríguez said in a televised address on state broadcaster VTV.
She described the move as “a very important step for the Venezuelan economy” and thanked IMF leadership as well as U.S. President Donald Trump and Secretary of State Marco Rubio for helping restore ties. Rodríguez also cited support from Brazil, the United Arab Emirates and Qatar.
The announcement comes as Washington accelerates efforts to reintegrate Venezuela into the global financial system following the January capture of former strongman Nicolás Maduro.
In a parallel move this week, the U.S. Treasury Department lifted key sanctions on Venezuela’s state-run financial system, allowing the central bank and major public lenders to conduct transactions in U.S. dollars and reestablish correspondent banking relationships.
Treasury’s Office of Foreign Assets Control also issued licenses authorizing certain commercial transactions with Venezuelan government entities, a step U.S. officials say is aimed at unlocking billions in oil revenue and easing the country’s liquidity crunch.
Together, the measures mark the most significant unwinding of financial restrictions since sanctions were imposed in 2019 and are part of a broader U.S. strategy to stabilize Venezuela’s economy while opening the door to renewed foreign investment.
By restoring access to dollar transactions, the policy shift allows Venezuelan institutions to process international payments through the U.S.-dominated financial system — something that had been largely impossible for years — and could help channel rising oil revenues into the domestic economy.
The IMF’s move also coincides with the Spring Meetings of the IMF and World Bank in Washington, which began April 13 and conclude Saturday. The World Bank Group separately confirmed it is also resuming relations with Venezuela’s government.
Together, the decisions underscore a sharp shift in Venezuela’s international standing following a dramatic political transition earlier this year. On Jan. 3, U.S. forces carried out a raid in Caracas that resulted in the capture of Maduro, after which Rodríguez assumed the presidency on an interim basis.
Since then, Washington has moved quickly to rebuild diplomatic and economic ties with Caracas, working with Rodríguez’s government as part of a broader strategy to stabilize the country and reinsert it into global markets. U.S. officials have also signaled interest in expanding American participation in Venezuela’s oil and mining sectors, key pillars of the economy.
Still, significant challenges remain. Economists caution that rebuilding trust in Venezuela’s financial institutions will take time and that access to foreign currency may remain uneven, particularly for smaller businesses, even as new funding begins to flow.