Venezuela's UK-held Gold Could Fund Quake Recovery Through US Treasury
Venezuela's government and opposition have agreed to jointly seek the release of $4 billion in gold held at the Bank of England, which is equivalent to 31 tonnes. The proposal aims to direct funds toward housing, health centers, and schools in areas affected by June's double earthquake.
The release of funds depends on establishing 'all the necessary planning and control mechanisms,' including a permanent spending audit plan involving international firms to ensure the gold is used properly and audited. National Assembly deputy Ramon Lopez said that giving the gold for the Supreme Court is not an exchange, but rather a separate arrangement.
The proposed U.S. Treasury arrangement is part of wider talks between Venezuela's government and opposition. The two sides held five working sessions and five joint plenary sessions during the first round of discussions, which also covered strengthening judicial and electoral institutions.