Venezuela’s government and opposition have signed a preliminary agreement to find a way out of the country’s political crisis.
During the talks in Mexico, the two issued a joint statement requesting that billions of dollars frozen abroad be released to finance social projects.
It comes after years of failed attempts to resolve the political impasse.
In response, the US said it would allow US oil giant Chevron to resume some activities in Venezuela.
After the election of President Nicolás Maduro in 2013, he has become increasingly authoritarian.
His crackdown on opposition activists eventually led to the US imposing sanctions on his government and recognizing opposition leader Juan Guaido as interim president in 2019 after a disputed election.
Since then, several rounds of talks to break the political deadlock have gone nowhere – with the last talks failing just over a year ago.
But now, the government and the opposition – with the help of Norway as a mediator – have struck a deal aimed at ensuring that billions of dollars frozen abroad will be gradually released through a UN-administered fund. Which will be used for health care, education. and food aid.
Foreign banks had blocked funds for alleged irregularities in the 2018 elections.
Saturday’s development was welcomed by the US, which called it a step in the right direction.
He also said that oil company Chevron would be able to resume some activities in Venezuela, including importing Venezuelan crude into the United States.
In comments to JEE News, Mexican Foreign Minister Marcelo Ebrard said the deal represented “hope for all of Latin America.”
However, JEE News correspondent Katie Watson warns that it is still early days in the negotiations.
There has been no progress on a key issue, namely the 2024 presidential elections.
Venezuela’s opposition is demanding free elections, while President Maduro is seeking full recognition of his rule from the United States and European countries.
Venezuela has been spiraling downward for years, and growing political discontent has fueled skyrocketing inflation, power cuts and shortages of food and medicine.
