The Vice President for Economy of Venezuela reported that the country is focused on reducing inflation, reorganizing public debt, and strengthening the bolívar, while also seeking to normalize its connections with global financial institutions.
In his first participation in the annual meetings of the International Monetary Fund (IMF) in approximately two decades, Calixto Ortega Sánchez presented a recovery strategy based on economic growth, fiscal discipline, monetary stability, and institutional strengthening.
He stated that this participation represents an advance in normalizing Venezuela's relations with the international financial system. Ortega, former president of the Central Bank of Venezuela, admitted that the country has faced one of the worst economic crises in its recent history, with the economy shrinking by about two-thirds in the last decade, driven by falling oil prices, sanctions, and the collapse of oil production.
Ortega mentioned that the country has recorded twenty-two consecutive quarters of economic recovery, crediting this success to the resilience of the Venezuelan people and an economic plan implemented under extremely difficult conditions.
This recovery occurs while the IMF projects 5% growth for the Venezuelan economy in 2026 and 7% in 2027, according to its latest report, the World Outlook Report. However, the same organization estimates an average annual inflation of 467.9% this year, with a forecast drop to 174% in 2027.
The Vice President acknowledged that inflation remains a major economic challenge but argued that the solution transcends the exclusive action of the central bank. He emphasized that without production, a solid fiscal base, and a regular economy, lasting stability is unattainable.
Additionally, he stated the expectation of developing a set of inflation targets soon, aiming to reduce indices to double digits as quickly as possible. Ortega detailed that the government strategy consists of increasing oil and mining production to generate foreign currency revenue, using part of these resources to invest in neglected sectors, such as water and electricity supply.
Subsequent steps include reducing inflation, stabilizing the exchange rate, reconnecting the banking system to international markets, resolving public debt, and strengthening institutions and improving governance to facilitate economic activity.
Since the detention of President Nicolás Maduro by the United States in January, the country's oil production has increased, reaching approximately 1.2 million barrels per day, compared to three million recorded at the end of the 20th century. After the arrest of Maduro and Cilia Flores, the United States reestablished diplomatic relations with Venezuela and intensified ties with the Government of Delcy Rodríguez, signing an oil agreement to manage part of the national reserves.
The official stressed the country's intention to avoid past mistakes during periods of oil abundance, when large revenues did not result in a more diversified productive structure. He emphasized that gains from oil and mining must be directed to areas such as agriculture, manufacturing industry, and other productive activities.
Beyond diversification, Caracas seeks to deepen collaboration with the BRICS bloc and increase its presence in multilateral organizations, a tactic aimed at expanding opportunities for trade, investment, and financing. Ortega also mentioned plans to increase gold production and include part of this metal in the central bank's reserves, arguing that stronger reserves can boost investor confidence and optimize economic prospects. He concluded that the main objective is the improvement of the population's quality of life, characterizing the program as people-centered.
