US seeks USD 10 bn trade finance fund for Venezuela: Mnuchin – Business Standard

The is working with a group of countries to build a USD 10 billion fund to help rebuild trade once a new government is in place, has said.

The has joined dozens of other countries in recognizing Venezuelan as but remains in power.

said Saturday that, during the spring meetings of the and World Bank, officials had discussed how to aid in the country’s recovery.

But those institutions must sit on the sidelines until there is clear international recognition of a government in and a way to put funds into use in the country which has seen its economy collapse, while people are fleeing because they cannot get and medicines.

“Every single time I’ve had one of these meetings I can’t believe how much worse it gets on the ground for the people of This is a humanitarian crisis,” said.

In addition to the potential for financing from the IMF and World Bank, he hosted a meeting on Thursday of the friends of Venezuela, which includes many Latin American and European countries, as well as Japan, where ministers also discussed the need for the exporting power to restore trade.

“We’re going to be working on trying to put together a consortium of about USD 10 billion of trade that would be available for the new government to spark trade,” Mnuchin said.

About 3.7 million refugees have fled the worsening crisis in in recent years – a third to neighboring – the most dramatic and fastest exodus in the world after war-torn Syria, according to the That figure could reach five million by the end of the year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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