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Venezuela’s government and opposition have asked the United Nations to manage a multibillion-dollar fund currently held by foreign banks that will be gradually unfrozen in response to the crisis in the oil-rich country, representatives of the Venezuelan government and opposition announced Saturday in Mexico City. humanitarian crisis.
Sources told Reuters last month that the frozen funds totaled more than $3 billion.
The money, held in Venezuelan accounts abroad, has been frozen by U.S. and European banks after U.S. President Donald Trump’s administration tightened sanctions in an effort to pressure President Nicolas Maduro to take steps towards free elections.
Talks between Maduro’s government and its political opponents resumed on Saturday in Mexico City, mediated by Norway, after being stalled for more than a year.
U.S. Secretary of State Anthony Blinken welcomed the talks as “an important step toward restoring democracy to the Venezuelan people.
“We will look forward to a lasting agreement among all parties to lay the groundwork for a free and fair presidential election in 2024,” he tweeted.
Maduro also issued a statement on Twitter saying: “We will always strive to engage in dialogue with all of Venezuelan society. We will continue to take important steps for the well-being of our country.”
Following the announcement of the UN-managed fund, the U.S. Treasury Department granted Chevron, the second-largest U.S. oil company, a license to expand operations in Venezuela, allowing it to import Venezuelan crude into the United States.
The government delegation was led by Congressional leader Jorge Rodriguez of Venezuela’s ruling United Socialist Party (PSUV), while the opposition was led by politician Gerardo Bled.
Maduro has said the aim of the talks is to recover “hijacked” resources for public investment: “Then we will see what else can be discussed.”
The funds will be used to help stabilize the country’s power grid, improve education infrastructure and deal with the impact of this year’s heavy rains and floods.
It is part of a broad agenda covering U.S. sanctions on Venezuela, the terms of the next presidential election and the status of hundreds of political prisoners — though those issues will not be discussed in the current round of talks.
“The agreement provides a template for how to secure further progress,” the EU said in a statement.
More than 7.1 million Venezuelans have left their country this year, many emigrating to other Latin American countries or the United States, according to United Nations estimates, as the country struggles with high inflation and shortages of food and medicine. United Nations estimates show that more than half of Venezuelan migrants do not have three meals a day.
In Venezuela, a survey by a local university this year showed that some 78% of the population are concerned about lack of food, up from 88% in 2021.
Some critics in Venezuela and the United States fear the liquidity injection could boost Maduro’s credibility ahead of the country’s 2024 elections.
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