Acting President Delcy Rodríguez has requested the release of gold reserves held by the Bank of England to fund recovery efforts following double earthquakes that killed at least 3.811 people, according to a Wednesday broadcast on state channel Venezolana de Televisión (VTV). Rodríguez stated she sent a formal letter to King Charles III to secure these assets for the victims.
Why is Venezuela requesting the release of gold reserves?
The Venezuelan government seeks these funds to manage the “terrible and tragic consequences” of the recent seismic activity. Rodríguez told VTV that the gold belongs to the people and is necessary for reconstruction and “integral recovery” in education, employment, and labor.
Beyond the gold, Rodríguez reported a Tuesday phone call with International Monetary Fund (IMF) Director Kristalina Georgieva. The conversation focused on the release of other blocked Venezuelan resources held by the institution. “Venezuela has resources with which to recover and rise,” Rodríguez added.
How do sanctions affect the earthquake recovery?
Despite recent sanctions relief from the U.S., structural restrictions remain. Assets such as the gold in the UK and Citgo—a PdVSA subsidiary in the U.S.—remain frozen or under external control.
UN humanitarian chief Tom Fletcher told EFE on Wednesday that sanctions should be flexibilized to ensure they don’t hinder aid delivery or recovery plans. Speaking from the devastated La Guaira region near Caracas, Fletcher noted the earthquakes will likely create a “very difficult” economic situation and could remove several points from the national GDP.
What may happen next with international financial requests?
A group of 113 academics and economists has already called on the U.S. government to lift sanctions. They also urged the IMF to grant the country access to international financial mechanisms to handle the emergency.
Future recovery efforts may depend on whether the UK or the IMF concede to these requests. If sanctions are further flexibilized as Tom Fletcher suggested, it could potentially accelerate the flow of aid and the unlocking of frozen assets.
Frequently Asked Questions
How many people died in the earthquakes?
At least 3.811 people died according to the source.
Who did Delcy Rodríguez contact to release the gold?
She sent a letter to King Charles III of the United Kingdom.
What other assets are currently frozen?
In addition to gold in the Bank of England, assets of Citgo, a PdVsa subsidiary in the U.S., remain frozen or under control.
Do you believe international sanctions should be lifted during humanitarian disasters?