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<h1 class="reader-title">Venezuela Denounces IMF Denial of Funds
to Combat COVID-19 <br>
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<div class="credits reader-credits">October 7, 2021<br>
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<p>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.</p>
<p>Vice President Rodríguez stressed that this is a
consequence of the United States’ veto against
Venezuela.</p>
<p>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.”</p>
<p>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.</p>
<p>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.”</p>
<p>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.</p>
<p>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.</p>
<p><em>Featured image: IMF’s “unfair distribution” of the
Special Drawing Rights has been denounced by
Venezuelan Vice President Delcy Rodríguez. Photo: AFP</em></p>
<p>(<a
href="https://misionverdad.com/venezuela-denuncia-que-el-fmi-le-niega-fondos-para-enfrentar-la-pandemia"
target="_blank" rel="noopener">Misión Verdad</a>)</p>
<p>Translation: Orinoco Tribune</p>
<p>OT/JRE/SC</p>
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