Venezuela reopens IMF ties, signs new Organic Mining Law
Venezuela’s acting president, Delcy Rodríguez, has said that the resumption of ties with the International Monetary Fund after a six-year freeze is an important step for the country’s economy.
Rodríguez described the development as “good news for Venezuela” and said it could help the country move toward recovery after years of sanctions and isolation.
Speaking at an official event, Rodríguez thanked the United Arab Emirates, Brazil, Qatar and the United States for supporting the process, and also acknowledged U.S. President Donald Trump and Secretary of State Marco Rubio, Viory reports. The reopening comes after relations with the IMF were effectively paused in 2019 amid disputes over international recognition of Venezuela’s government.
Rodríguez also enacted Venezuela’s new Organic Mining Law, saying it would help attract major domestic and foreign investment into the sector.
"This is good news for Venezuela, good news for our people. In national unity, we will continue paving the way so that, together, we can build a Venezuela free from sanctions, for the well-being and happiness of our people," she said.
According to recent reporting, the legislation replaces a nearly 30-year-old framework, allows multiple ownership structures including public, private and mixed companies, and offers broader legal guarantees and a more flexible tax regime for investors.
The mining reform forms part of a push by Caracas to open the sector to foreign capital as it looks for new revenue sources beyond oil.
This story is written and edited by the Global South World team, you can contact us here.
