The resumption of formal contact potentially paves the way for acting President Delcy Rodriguez’s administration to regain access to financing from the Washington-based lender.

Relations have been frozen since 2019, and on Thursday the World Bank too said it would restart engagement with Venezuela’s government.

But still, “the country is in a very difficult spot,” Georgieva told a press briefing Friday.

Its economy contracted by two-thirds over the last years, while millions have left.

“Inflation is in triple-digits, and to get from this place to macroeconomic and financial stability is going to be a very tough road to travel,” she added.

For now, the IMF has been approached by Venezuelan authorities and has been in touch with the country’s ministry of finance and central bank.

“We are ready to field a team,” she said.

She stressed, however, that the quality of economic data in the country needs to be improved, and its institutions need to be strengthened.

“Very likely, we will have to put in place a financial support programme for Venezuela, provided we can agree on a way forward,” Georgieva said.

She vowed that the fund will “move very swiftly”.

IMF and World Bank recognition of the Rodriguez government opens doors for them to formally begin gathering economic data and provide technical advice.

It also paves the way for possible financial support to the government if Venezuela were to ask for it.