International Monetary Fund and World Bank shareholders are still undecided on w...
WASHINGTON - International Monetary Fund and World Bank shareholders are still undecided on whether to recognize Venezuelan opposition chief Juan Guaido as the country’s leader, the institutions said on Thursday.
“It is for our members to indicate which authority they are recognizing diplomatically so we can then follow through,” IMF Managing Director Christine Lagarde said in a press conference at the start of the IMF and World Bank spring meetings in Washington. A simple majority of member votes could decide who the official delegate from a country to the IMF is and a call for such a vote would have to come from the IMF’s leadership. So far, there have been no announcements in that regard.
The United States has by far the highest percentage of voting power both at the World Bank and the IMF for any single member, with nearly 16% of the vote at both institutions. Venezuela is mired in a deep economic crisis marked by widespread food and medicine shortages and crippling inflation. An estimated 3 million Venezuelans have left the oil-rich OPEC country since 2015.
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