Key facts
- The IMF has appointed Alvaro Piris Chavarri as its new mission chief for Venezuela.
- Piris currently serves as the IMF's assistant director in its African Department and mission chief for Ethiopia.
- Venezuela announced last month it would begin restructuring its external debt.
- Venezuela is seeking to reintegrate into the global financial system.
- The IMF is discussing a path toward holding an "Article IV" consultation with Venezuela.
The International Monetary Fund (IMF) has selected Alvaro Piris Chavarri as its new mission chief for Venezuela, according to Bloomberg News. Piris currently holds the position of assistant director in the IMF's African Department and serves as mission chief for Ethiopia, with previous experience leading IMF missions in Mozambique, Lebanon, and China. This appointment comes at a time when Venezuela, which has been in default on its external debt since 2017, has announced its intention to begin restructuring. Analysts estimate the total external debt, including unpaid bonds and arbitration awards with interest, exceeds $150 billion. Venezuela is actively pursuing reintegration into the global financial system, having re-established relations with the IMF and the World Bank after a suspension in 2019 due to government recognition disputes. The IMF has indicated discussions are underway regarding a path towards an "Article IV" consultation, which signifies a move towards regular economic surveillance of the country.