[News] Venezuela Denounces IMF Denial of Funds to Combat COVID-19
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Thu Oct 7 10:42:53 EDT 2021
orinocotribune.com
<https://orinocotribune.com/venezuela-denounces-imf-denial-of-funds-to-combat-covid-19-sdr/>
Venezuela Denounces IMF Denial of Funds to Combat COVID-19
October 7, 2021
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Venezuelan Vice President Delcy Rodríguez, during her speech at the
United Nations Conference on Trade and Development, denounced the
refusal of the International Monetary Fund (IMF) to deliver $5 billion
through Special Drawing Rights (SDR) that Venezuela requested to combat
the pandemic.
Vice President Rodríguez stressed that this is a consequence of the
United States’ veto against Venezuela.
The Chavista leader stated that Venezuela, together with various
organizations and individuals, demands “a correction of the unfair
distribution of the IMF’s Special Drawing Rights to address the effects
of the pandemic.”
She provided some data explaining the injustice in the distribution of
resources: of the $650 billion approved by the IMF in the Special
Drawing Rights mechanism, more than 63% has been allocated for rich
countries that already have a high vaccination rate. This is a result of
the unfair quota allocation scheme.
She decried that in said scheme, “Africa, for example, which has 17% of
the world’s population, has received or will receive only 5% of the
Special Drawing Rights funds,” while “Europe, with 9% of the world’s
population, will receive 36% of these funds.” She added that “out of the
$179 billion assigned to the countries of the American continent, $113
billion will be for the United States.”
Rodríguez also emphasized that Venezuela has been the target of over 430
unilateral coercive measures that have decimated its foreign trade. Just
in the oil sector Venezuela has suffered losses exceeding $63 billion.
In March 2020, the IMF rejected the request of the government of Nicolás
Maduro for financial assistance of $5 billion to deal with the pandemic,
with the pretext that “the Fund is not in a position to consider this
request,” following Washington’s narrative that Juan Guaidó is the
“interim president” of Venezuela.
/Featured image: IMF’s “unfair distribution” of the Special Drawing
Rights has been denounced by Venezuelan Vice President Delcy Rodríguez.
Photo: AFP/
(Misión Verdad
<https://misionverdad.com/venezuela-denuncia-que-el-fmi-le-niega-fondos-para-enfrentar-la-pandemia>)
Translation: Orinoco Tribune
OT/JRE/SC
<https://orinocotribune.com/author/orinocotribune/>
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