IMF won’t help Venezuela with COVID-19 fight

To say that Venezuela has been having a rough time would be an understatement, and things might get even worse for the Spanish country.

On Tuesday, the South American nation sought to get a $5 billion emergency loan from the International Monetary Fund (IMF) to assist in its response to the onset of the novel coronavirus.

However, as soon as the country made the request to access funds from the IMF’s Rapid Financing Instrument, it was rejected on the basis that the situation surrounding the leadership of the country had not been resolved.

“Unfortunately, the Fund is not in a position to consider this request […] There is no clarity on recognition at this time,” the IMF said in a statement.

The request was made by the democratically-elected President Nicolas Maduro. However, the United States has back Juan Guaido.

This rejection has certainly put the already struggling country into further problems to try and manage a disease that has killed thousands worldwide and severely affected many economies.