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World Bank to be 'deeply involved' in Venezuelan crisis


Expressing "deep concerns" over the in Venezuela, the Bank on Thursday (local time) said that the top funding body is set to be "deeply involved" in the matters concerning the Latin American nation, but warned that the "situation is still troublesome on the ground".

Speaking at a press conference on the opening day of the joint Bank and (IMF) spring meetings, newly appointed Bank Group said that any decision to intervene in or recognise as the legitimate would be left to the top funding body's stakeholders, Al Jazeera reported.

Echoing similar sentiments, IMF said that it was up to the World Bank members "to indicate which authority they are recognising diplomatically".

is currently in the throes of a political and economic crisis, which is worsened by hyperinflation, blackouts, and an acute shortage of water and medicines.

In January, Guaido had proclaimed himself as the of Venezuela, as protests calling for President Nicolas Maduro's ouster shook the Latin American nation. The US immediately supported Guaido, asking other nations to back the

Several called for Maduro to step down or hold fresh elections, as they largely view the elections which brought the 56-year-old leader to power as rigged. In response, has slapped sanctions on in a number of sectors.

Reiterating his stance, US on Wednesday had urged the to globally recognise Guaido as the legitimate President of

Launching a scathing attack on Maduro's regime, Pence had said that Venezuela, under him, is a "failed state, and failed states know no boundaries".

The continues to back Maduro, even though like US, UK, France, Japan, amongst others, recognise Guaido as the

However, China, Russia, and other have slammed international interference in Venezuela's internal affairs, throwing their weight behind Maduro.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 06:40 IST