THE International Monetary Fund (IMF) and World Bank announced the resumption of formal ties with Venezuela on Thursday.

The financial institutions, both based in Washington DC, had withdrawn co-operation in 2019, following US policies intended to isolate the country’s elected President, Nicolas Maduro.

In a statement, IMF managing director Kristalina Georgieva said the institution had resumed dealings with Venezuela under the administration of Acting President Delcy Rodriguez.

Ms Georgieva said: “This important step, guided by the views of our members, allows the fund to re-engage in a way that can ultimately benefit the Venezuelan people.”

The World Bank then announced it would be following the lead of the IMF, being “guided by the outcome” of its fellow lender’s decision-making process.

Ms Rodriguez came to power after an illegal and unprovoked attack by the US on Venezuela on January 3, which killed 100 people in order to kidnap President Maduro and First Lady Celia Flores.

Both are being held in a New York City detention centre accused of involvement in drug trafficking. Both deny the allegations.

Acting President Rodriguez said: “It has been a great achievement of Venezuelan diplomacy and I want to thank all the countries and governments that joined in this push for Venezuela’s return to the IMF.”