The International Monetary Fund has chosen Alvaro Piris Chavarri to serve as its new mission chief for Venezuela, Bloomberg News reported Thursday, according to sources with knowledge of the decision.
When contacted by Reuters, the IMF declined to provide comment on personnel matters.
Piris currently holds the position of assistant director within the IMF’s African Department and serves as mission chief for Ethiopia, the IMF confirmed. His background includes heading IMF missions in Mozambique, Lebanon and China.
This selection follows Venezuela’s announcement last month that it would begin restructuring efforts after defaulting on its external debt in 2017. Analysts believe the total amount owed, which includes unpaid bonds, arbitration awards and accumulated interest, surpasses $150 billion.
Venezuela is working to rejoin the global financial community after reestablishing connections with the IMF and World Bank, relationships that were halted in 2019 due to disagreements over government recognition.
The IMF confirmed it is exploring a pathway toward conducting an “Article IV” consultation with Venezuela, indicating that engagement with Caracas is progressing toward standard economic oversight.
