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The additional sanctions from the United States against Venezuela could be lifted next week.
The measure will facilitate the sale of Venezuelan oil, said U.S. Treasury Secretary Scott Bessent to Reuters.
Bessent stated that he will also meet next week with the leaders of the International Monetary Fund and the World Bank to renew their commitments to Venezuela.
Nearly 5 billion dollars currently frozen from Venezuela's IMF Special Drawing Rights could be used to help rebuild the country's economy, the official stated.
Bessent also stated that the IMF and the World Bank had already contacted him regarding Venezuela.
He also stated that the U.S. is willing to convert Venezuela's Special Drawing Rights held at the IMF into dollars for use in the reconstruction of Venezuela, without specifying whether there will be a purchase premium or who will manage the combined entity.
Venezuela currently has about 3.59 billion Special Drawing Rights, equivalent to approximately 4.9 billion dollars, but it cannot access them due to sanctions.
Bessent also believes that smaller private companies would quickly return to the oil sector in Venezuela.
"I believe it will be the typical evolution, where private companies can act quickly and will spring into action very rapidly. They haven't mentioned anything about funding at all," he commented.
“Chevron has been there for a long time and will continue to be there, so I believe their commitment will greatly increase,” he added.
This Saturday, it was also announced that the United States will prioritize the reconstruction of Venezuela's electrical system, which it considers “deteriorated and fragile” after years of neglect, corruption, and lack of investments by the Chavista regime, according to an official document from the Department of Energy (DOE) published this week.
The plan is part of the energy agreement between the two countries, initiated after the capture of Nicolás Maduro on January 3 and the establishment of an interim administration backed by Washington.
The initiative aims to modernize Venezuela's electrical infrastructure to ensure a sustained increase in oil production, which is crucial for regional energy and political stability.
"We will work to improve the electrical grid, essential for increasing oil production, economic opportunities, and the daily quality of life for the Venezuelan people," states the DOE document.
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