[News] Venezuela Denounces IMF Denial of Funds to Combat COVID-19

Anti-Imperialist News news at freedomarchives.org
Thu Oct 7 10:42:53 EDT 2021


  Venezuela Denounces IMF Denial of Funds to Combat COVID-19

October 7, 2021

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 

Translation: Orinoco Tribune



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