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LatinNews Regional Monitor: Andean Group - 05 March 2020

In brief: CAF offers Venezuela debt deal

* Venezuelan opposition legislator, Angel Alvarado, has reported that the Caracas-based regional development bank Corporación Andina de Fomento (CAF)- Banco de Desarrollo de América Latina has given the Venezuelan government six months to sell 20% of its shares in the bank, worth US$170m, in order to cancel the country’s outstanding debts to the CAF. Opposition members have argued that to do so without national assembly (AN) approval would be unconstitutional, and appealed for the CAF to restructure the country’s debt, rather than allow the government to sell shares. CAF’s 19 member states, including countries from across Latin America, as well as Spain and Portugal, had voted to approve the offer, hoping to reduce the bank’s exposure to Venezuela in the face of the country’s continued economic crisis.

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