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IMF Refuses Venezuela $5B Loan to Deal with Covid-19

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THE International Monetary Fund (IMF) has refused to lend Venezuela $5 billion to deal with the Covid-19 pandemic.

On Tuesday, Venezuela became the first country to ask the IMF for an emergency loan to deal with the coronavirus outbreak.

But the IMF rejected the request saying there was uncertainty over the presidency of Nicholas Maduro.

In a statement the IMF said it was in no position to entertain the request since there was no clarity regarding international recognition of the country’s government.

The IMF stated, “As we have mentioned before, IMF engagement with member countries is predicated on official government recognition by the international community, as reflected in the IMF’s membership. There is no clarity on recognition at this time.”

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