[Source: Reuters]
The International Monetary Fund selected Alvaro Piris Chavarri as its new mission chief for Venezuela, Bloomberg News reported, citing people familiar with the matter.
The IMF told Reuters it does not comment on staff issues.
Piris currently serves as the IMF’s assistant director in its African Department and mission chief for Ethiopia, according to the IMF.
His prior roles include leading IMF missions in Mozambique, Lebanon and China.
The appointment comes after Venezuela, which has been in default on its external debt since 2017, said last month it would begin restructuring.
Analysts estimate the total, including unpaid bonds, arbitration awards and interest, exceeds $150 billion.
Venezuela is seeking to reintegrate into the global financial system following the re-establishment of relations with the IMF and the World Bank, which were suspended in 2019 over government recognition disputes.
The IMF said it was discussing a path toward holding an “Article IV” consultation with Venezuela, a sign that engagement with Caracas is moving toward regular economic surveillance.
