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LatinNews Regional Monitor: Andean Group - 24 March 2020

In brief: EU backs Venezuela’s IMF loan request

* The European Union (EU) High Representative for Foreign Affairs Josep Borrell has announced that the EU will support Venezuela’s request for a loan from the International Monetary Fund (IMF) to aid its efforts tackle the coronavirus (Covid-19) pandemic. After speaking with EU member state foreign ministers, Borrell recognised that Venezuela is “in a very difficult situation mainly due to the US sanctions that prevent it from selling its oil”, and insisted that humanitarian support should not be considered a violation of these sanctions. However, Borrell did not specify whether the EU is offering support for the US$5bn loan requested by the Venezuelan government, or the alternative appeal to the IMF made by Venezuela's opposition leader Juan Guaidó, recognised as the country’s interim president by the US and the EU.

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