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IDB is first multilateral lender to recognize envoy of Venezuela's Guaido

AFP  |  Washington 

The Inter-American Development on Friday officially recognized the named by Venezuela's Juan Guaido, the first multilateral institution to take that step.

Self-proclaimed interim Guaido named respected Ricardo Hausmann, an exiled former minister, to represent him at the -- the primary source of financing for development projects in and the

The board of governors "today approved a resolution recognizing the appointment by Mr of as for .. effective immediately," a statement from the New York-based institution read.

It is the latest sign of international support for Guaido, the of Venezuela's opposition-ruled Guaido has already been backed by more than 50 in his bid to unseat Nicolas Maduro, who has presided over an economy in freefall and a worsening humanitarian crisis.

The holds 30 percent of the voting power on the IDB board, against 50 percent combined for Latin American and members.

A "sufficient" number of governors have already approved the nomination," even before voting officially closed, the said.

Guaido's to the United States, Carlos Vecchio, celebrated "an important step into multilateral bodies" and uploaded a photo alongside Hausmann to

"It is a first step that is going to allow us to start work on planning and preparation, and obviously the real effectiveness of any financing depends on if Maduro actually leaves," Mariano de Alba, a Venezuelan and international affairs expert, told AFP.

But the International Monetary Fund, which aims to ensure stability of the global monetary system, has said it is awaiting a decision of its members before recognizing Guaido rather than Maduro.

Hausmann served as IDB chief from 1994 to 2000, and was Venezuela's when the government implemented a major economic reform package, which was the focus of a coup attempt in 1992 led by Hugo Chavez, who was jailed but later elected

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

First Published: Sat, March 16 2019. 08:30 IST