Secretary-General of the United Nations (UN), António Guterres, has given authorization for the management of the social fund allocated for Venezuela. These permits were approved during the round of dialogue between representatives of the Venezuelan government, led by Nicolás Maduro, and the opposition’s Unitary Platform. The purpose of this fund is to address the humanitarian emergency in Venezuela.
The allocated funds amount to 3.2 billion dollars, which will be used to reinforce the national public health system by providing equipment, recovering infrastructure, and ensuring the availability of supplies, vaccines, and medicines. Additionally, the funds will be utilized to improve the electricity service, enhance school infrastructure, and support the needs arising from recent torrential rains. The resources have been retained in foreign banks due to sanctions imposed by the United States and other Western countries.
Although authorization has been granted, the immediate operation of the trust fund is not expected to begin soon due to the bureaucratic framework of the UN and the need to determine the transferable amounts. The United Nations has received confirmation from the US government that contributions to the fund will be protected from seizure by creditors.
The American Nation has agreed to collaborate with banks holding Venezuelan assets to ensure secure transfers. These accounts will be utilized for the safe movement of funds. The delay in unblocking the assets has been a point of contention between the ruling party and President Nicolás Maduro, leading to the suspension of talks between the government and the opposition since November 26. However, dialogue resumed on October 17 in Barbados, where partial agreements were signed, with one specifically focusing on the protection of the nation’s vital interests, including the defense of its assets abroad.
The discussions regarding the trust fund originated during the “Mexico dialogue” meetings in 2021, where parties aimed to address Venezuela’s political crisis and plan for free elections in 2024. Despite the bureaucratic hurdles, the authorization for the management of the social fund represents a step forward in providing much-needed relief to the humanitarian crisis in Venezuela.