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Venezuela will gain access to $346 million in previously frozen IMF funds after the lender approved the release of part of the country's reserves for earthquake recovery, interim President Delcy Rodriguez announced Friday.
"This will help support the affected families with housing, infrastructure, and essential public services, among other needs," Rodriguez said in a statement published on Telegram.
The funds will be used to help rebuild housing, restore infrastructure and strengthen essential public services in the hardest-hit areas.
IMF Managing Director Kristalina Georgieva confirmed that the institution had approved Venezuela's access to the funds, adding that the money would come from Venezuela's reserve tranche at the Fund.
Venezuela holds 3.313 billion Special Drawing Rights (SDRs) at the IMF, worth about $4.5 billion. SDRs are an international reserve asset created by the IMF that member countries can exchange for hard currencies such as U.S. dollars to help meet financing needs.
Venezuela had been unable to access those resources because the IMF did not recognize Nicolas Maduro as the country's legitimate president.
The decision follows the IMF's move in April to restore relations with Venezuela after the U.S.-backed military intervention that removed Maduro from power in January. The World Bank also resumed ties with Caracas, ending a suspension that had been in place since 2019.
The IMF's decision adds to a growing international relief effort as aid agencies expand funding and emergency support for communities devastated by the June 24 earthquakes.
The International Organization for Migration (IOM) on Friday launched a $98 million appeal to finance emergency assistance and recovery operations over the next 12 months, including shelter, healthcare and early reconstruction projects for communities affected by the earthquakes.
The twin earthquakes and subsequent aftershocks caused widespread destruction across La Guaira, Distrito Capital, Miranda, Carabobo, Aragua and Falcon, damaging homes, hospitals, water systems and other critical infrastructure while forcing thousands of families from their homes.
The IOM said it has assisted nearly 6,000 people in collective shelters and delivered more than 10,000 services since the disaster.
The death toll has risen to 5,069, while 16,740 people have been injured, according to National Assembly President Jorge Rodriguez.
Authorities have urged residents not to travel to the worst-hit state of La Guaira in private vehicles to avoid disrupting search-and-rescue operations. Maiquetia Simon Bolivar International Airport also remains closed because of earthquake damage.
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