Venezuela Reaches Deal to Recover Frozen Assets in Bank of England
Venezuela's ruling government and the opposition have reached a deal to accelerate the recovery of frozen cash reserves held by the Bank of England, concluding the first round of talks in Caracas.
Agreement details
A joint statement issued by government delegation head Jorge Rodriguez and the National Assembly president says both sides will establish transparent mechanisms to track and use the reclaimed assets, ensuring they benefit those affected by the June 24 earthquake.
The pact also calls for a sweeping judicial reform, including amendments to the Supreme Court's basic law, expanding the judges' nomination committee's powers, and introducing new procedures for selecting and appointing judges.
Political context
The move is part of efforts by the interim government and the opposition to bridge their divide and demonstrate commitment to a political transition amid Venezuela's severe economic and humanitarian crisis.
Implementation of the provisions will begin in August under a permanent working framework, expected to improve the country's financial outlook and restore international confidence.
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