Amid the easing of sanctions against Venezuela by the United States, the International Monetary Fund and the World Bank announced on Thursday, April 16, the reestablishment of relations with the South American country.

The decision was announced following recent licenses issued by the Office of Foreign Assets Control (OFAC), which allow Venezuela, the Central Bank, and other banking entities in the country to carry out certain transactions, potentially contributing to economic development.

The IMF “has already offered the country future access to financing instruments.” However, the interim president, Delcy Rodríguez, stated that she does not foresee a debt program at this time.

Regarding the restoration of relations, IMF Managing Director Kristalina Georgieva issued a statement indicating that the organization, “following the opinion of the majority of its members, was now dealing with the Government of Venezuela under the administration of the country’s interim president, Delcy Rodríguez.”

For its part, the World Bank Group also commented on the decision announced last Thursday. “According to the statement, its last loan was granted in 2005.”

Both organizations accelerated the measure after US President Donald Trump recognized the Rodríguez government, a strategy aimed at promoting political and economic stability in Venezuela.

M.Pino

Source: france24

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Investment funds from the United States, Brazil, and the United Kingdom will come to Venezuela to participate in Caracas Investment Week 2026, from April 23 to 26.

The event, organized by Orinoco Research, will bring together various hedge funds, particularly investment funds and banks, as well as oil and mining companies, according to the company’s founder, Elías Ferrer.

Caracas Investment Week will be the ideal setting to bring together investors, high-level officials, and the main economic advisors of Venezuela’s interim government.

The event will also include “local business leaders, diplomats, and the country’s leading experts in areas such as energy, political risk, and the legal framework.”

The agenda includes key topics for the country’s future, such as:

• A new era in US-Venezuela relations.
• Oil and gas: unlocking one of the world’s largest hydrocarbon reserves.
• Economic reforms and a new era for foreign direct investment.
• The path to restructuring Venezuela’s debt.
• The new role of mining and critical minerals.
• Opportunities in real estate, tourism, the stock market, private equity, and venture capital.

M.Pino

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Nicolás Maduro, President of Venezuela, indicated last week that the country could close out 2025 with a 9 % GDP growth rate.

The president’s projection is based on the expansion the nation registered during the second quarter of this year, which stood at 6.65 %.

Maduro stated: “I hope that the remaining quarters will consolidate at least 9 % GDP growth, with full supply from domestic production, job creation, and the emergence of entrepreneurship.”

The president of the South American nation emphasized that the economic recovery of the previous quarters was due to the activation of “virtuous cycles within the national economy” and added that “sectors such as commerce, services, tourism, and construction have been the main drivers of this trend.”

M.Pino

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The president of Argentina, Javier Milei, indicated that in 2025 he wants to promote the signing of a free trade agreement with the United States “and that the members of Mercosur can trade freely.”

Milei stressed that said agreement should have been a reality 19 years ago, and emphasized: “To accelerate the recovery, it is essential to break the chains of foreign trade that suffocate us today, in order to be able to export and import more goods and services of better quality and at a better price.”

During his speech celebrating the first year of government, the president of Argentina spoke of “a proposal to eliminate tariff barriers that hinder trade within the bloc, but we will also seek to reduce the common external tariff that makes life more expensive for all of us without any benefit in return.”

The objective is to promote the autonomy of the Mercosur member countries so that they can establish trade negotiations with whomever they want as it suits them.

M.Pino

Source: swissinfo

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This Sunday, the presidential elections were held in Panama. José Raúl Mulino won with 34 % of the votes, compared to 25 % for his opponent, Ricardo Lombana.

José Raúl Mulino gana las elecciones presidenciales en Panamá https://t.co/C28enm3buw#ESHechos pic.twitter.com/LWT8czZFkk

— El Siglo de Panamá (@elsiglodigital) May 6, 2024

From the beginning, Mulino had the support of former president Ricardo Martinelli, who was disqualified from running for president after a conviction against him for money laundering was confirmed.

During his speech upon learning the results of the elections, Mulino said: “Political persecution is over. The manipulation of the Public Ministry is over. The manipulation of judges and magistrates is over. That shit is over, damn it! “Listen to him well.”

Likewise, he indicated that he will do everything necessary for the country’s economic recovery and that he will honor the debts with creditors.

The new president received the first congratulations from the current Panamanian president, Laurentino Cortizo, who wished him success and good health to face his obligations. Representatives from the United States, Mexico, Peru, as well as the OAS and the IDB also sent messages.

M.Pino

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According to the latest report by the World Tourism Organization (WTO), international tourism is on track to reach levels similar to pre-pandemic this year, recovering an impressive 88% of the volume recorded before the arrival of Covid-19 in 2023.

With around 1.3 billion international arrivals, unlocking accumulated demand, increasing air connectivity and recovering Asian markets and destinations are expected to drive a full recovery by the end of 2024, with an initial projected growth of 2% compared to 2019.

However, these projections are conditioned by the pace of recovery in Asia and the evolution of the current unfavourable economic and geopolitical situation, warns the WTO.

The current environment will continue to present challenges for the recovery of international tourism in 2024, highlighting the possible influence of factors such as inflation, high interest rates and volatile oil prices on transport and accommodation costs.

The UNWTO also warns about the staff shortfall faced by tourism companies to cope with growing demand, stressing the need to address this challenge in the sector.

K. Tovar

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This Monday, during his television program “Con Maduro +”, the president of Venezuela called on the business sector to join the dialogue for the economic recovery of the country.

Maduro emphasized “the need to create a General Staff against smuggling between the Government and the Bolivarian National Armed Forces (FANB) to advance the comprehensive recovery of the economy.”

In this regard, the official Twitter account of Prensa Presidencial published: “President @NicolasMaduro ratifies the National Government’s vocation for dialogue with the business and productive sector in order to build a new economy that generates wealth and meets the needs of the people.”

In this Monday’s broadcast, Maduro invited the actors of the productive sector to join the National Council of Productive Economy, in order to achieve the recovery of the economy, in an atmosphere of cordiality.

“We must advance in the construction of a new productive economy that overcomes the oil rentier model and that generates goods, wealth and satisfies national needs and with a great vocation for future exports,” the president pointed out.

M.Pino

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The president of Fedecámaras, Carlos Fernández, indicated at a press conference on March 1st that the organization’s 79th Annual Assembly will be held from July 20 to 23 in the city of Maracaibo, Zulia state.

The participants will analyze the current situation of the Venezuelan economy, as well as the prospects for recovery for 2023, despite the signs of stagnation and the inflationary crisis.

The call for participants, who will meet at the Tibisay hotel in Maracaibo, also includes the Expo-Fedecámaras 2023. “The participation of businessmen and union leaders from all over Venezuela and invited businessmen from other nations is expected, with the objective of that they invest in the country, that they bring their products back and trade is resumed,” Fernández said.

The “79th Annual Assembly, Road to the Future” will be the meeting point for specialists to analyze the development potential of the country in 2023.

Fernández indicated: “The rentier model has run out, and we have to establish a new economic, productive model that opens all spaces of economic activity to private participation, that favors the generation of more wealth, with a profoundly inclusive vocation.”

The press conference where the announcement was made was also attended by Ezio Angelini, president of Fedecámaras Zulia; the state governor, Manuel Rosales; the mayor of Maracaibo, Rafael Ramírez and the mayor of the San Francisco municipality, Gustavo Fernández.

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The Minister of Economy and Finance of Peru, Alex Contreras, pointed out that the reactivation of the economy of the regions of the country most affected by the social conflict can be appreciated already at the end of the first quarter of the year or, at the latest, in the second trimester.

In an interview, the head of Economy spoke about the Government’s desire to “relaunch” important sectors such as tourism, agriculture or construction and recover the country’s economic activity, which has had a “stable” macroeconomic picture but in recent months has been affected.

“We are not going to stop until we see a recovered economy, with employment figures higher than 2019 and with a reactivation that involves all regions and sectors,” Contreras said.

In this sense, he announced that the outlook for the first quarter of 2023 is “positive” despite the fact that the Christmas season has not been “as expected” and that families continue to be “badly hit” by inflation.

On this last issue, the minister stressed that the government’s plan involves giving Peruvians greater social protection, who have been “severely impacted” by the rise in prices, especially for food, but has also valued another of axes such as job creation, which allows “sustained” growth. “The best way to help Peruvians is to create employment.”

Source: dpa

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The Latin American insurance market grew 11.5 % in 2021, to 149,794 million dollars (about 153,280 million euros), and recovered from the strong contraction it experienced in 2020 (-11.9 %). Although it has not yet recovered the level of premiums prior to the outbreak of the pandemic, according to the report ‘The Latin American insurance market in 2021’, prepared by Mapfre Economics and edited by Mapfre Foundation.

The growth of this market is due to the economic recovery and the interest rate environment in the last months of the year, which favors life insurance. In addition, the economic effect on the volume of insurance business due to the depreciation of currencies against the dollar was moderate and even some markets, such as Mexico or Chile, were favored by an appreciation of the average exchange rate of their respective currencies, Mapfre explained.

Premiums in the life insurance segment in Latin America, which represent 42.5 % of total premiums in 2021, experienced an increase of 11.2 % measured in dollars, while premiums in the non-life insurance segment grew 11.7 %.

The life insurance segment only partially recovered from the sharp drop in the previous year, which was largely due to the behavior of Brazil and Chile, which failed to reach the level of premiums prior to the health crisis. The rest of the markets, except for Venezuela, exceeded the pre-pandemic level.

Life insurance premiums increased

Within the life business, the growth of individual and group life insurance premiums stood out, representing 36.9 % of total premiums in the region, with growth of 8.7 % compared to the previous year. For its part, previsional and pension insurance experienced significant growth of 30 %, although its weight is relatively small in the life business of the region, representing 5.8 % of total premiums in 2021.

On the other hand, the non-life insurance segment of the Latin American market exceeded the level of premiums prior to the crisis caused by the pandemic. According to the report, this sector had already been anticipating the situation of economic stagnation in which the Latin American economy found itself and has once again been compensated by the health business, with growth in premiums in 2021 of 11 % (9.2 % in 2020).

In terms of structure, the insurance markets in Latin America that presented the highest levels of concentration were Uruguay, Costa Rica and Nicaragua, with a Herfindahl index above the threshold that indicates a high industrial concentration.

On the contrary, Peru, Venezuela, Honduras, Puerto Rico, Panama, the Dominican Republic, El Salvador and Guatemala presented values ​​with a moderate level of concentration and the rest of the Latin American insurance markets presented indices below the threshold that anticipates moderate levels of concentration.

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Source: dpa

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