US and Venezuela Explore Unfreezing Billions in Assets for Post-Earthquake Reconstruction

The United States government, together with the Venezuelan government, is considering various options to unfreeze billions of dollars in frozen financial assets, according to a Bloomberg report on Friday. The effort is intended to assist post-earthquake reconstruction in Venezuela and ease the financial burden on US taxpayers, the report stated. The US has pledged more than $380 million in post-earthquake aid to Venezuela. On 24 June, two powerful earthquakes measuring 7.2 and 7.5 in magnitude struck Venezuela. Following the disaster, Venezuelan authorities declared a state of emergency and the international community dispatched rescue teams and humanitarian missions to the country. In early July, Venezuelan Acting President Delcy Rodriguez stated she would contact the International Monetary Fund (IMF) to request the disbursement of funds to help earthquake victims and rebuild damaged infrastructure. Rodriguez announced on 17 July that the country had withdrawn $346 million from IMF reserve funds. Rodriguez also expressed her intention to send a letter to the British government and King Charles III to request the return of 31 tonnes of Venezuelan gold held in Bank of England vaults since 2018 due to sanctions against Venezuela. On Thursday, the World Bank estimated the direct physical damage from the powerful earthquakes at $19.6 billion.