Venezuela Assures Oil Output, Maintains Debt Restructuring After Earthquakes

Two powerful earthquakes (magnitude 7.2 and 7.5) hit northern Venezuela on June 24, leaving at least 4,561 dead and some 17,907 people without homes, according to official figures later updated by different sources (ranging from 3,811 to 4,561). The government insists the oil industry—the country’s main revenue source—remains unaffected. President Delcy Rodríguez stated production is at 1.203 million barrels per day and that extraction plans continue Source: Excelsiormx.

Recovery and Housing

The government estimates 25,000 new homes are needed for those displaced Source: Listin Diario. Parliament President Jorge Rodríguez announced the first 200 homes will be delivered next week and a biometric census will be launched to assess needs Source: El Nacional. The UN, via Tom Fletcher, is supporting the effort with prefabricated housing and fundraising Source: Listin Diario.

International Financial Moves

Despite the disaster, Venezuela “will maintain the orderly restructuring of its external debt,” said Vice President for the Economy Calixto Ortega, as it is “essential to reestablish access to financing” Source: Infobae. The government is also negotiating with the IMF to access a reserve tranche of nearly $350 million and Special Drawing Rights worth $4.5 billion Source: El Caribe. President Rodríguez sent a letter to King Charles III requesting the release of $2 billion in Venezuelan gold held at the Bank of England Source: La Republica. Additionally, she spoke with Brazilian President Lula to secure support Source: El Dia.