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FURTHER READING

04
ANÁLISIS · MACRO

Venezuela GDP Q1 2026 (+2.5%): BCV transparency and the road to IMF Article IV

The Central Bank of Venezuela released first-quarter 2026 results on May 20 after sixteen months of statistical opacity. GDP +2.5% year-on-year — slowest expansion since Q2 2021 —, non-oil +3.11%, hydrocarbon sector -2.12%, Financial Services +13.46%, Construction -18.30%. The release frames the reactivation with the International Monetary Fund and the World Bank and opens the path toward the first IMF technical mission in June or July and eventually to the Article IV consultation pending since 2004.

SECTOR BRIEF · VE-MACRO

Venezuela macro May 2026: IMF reconnection, ~$13B reserves, GL 58 opens restructuring, ICJ Essequibo hearings close

Macro Sector Brief · Venezuela May 2026: BCV publishes on time, ~$13B reserves ($12.995M as of May 19) with $5B mobilizable SDR, IMF/World Bank resume after 7 years, OFAC issues GL 58 for restructuring advisory, ICJ closes Essequibo oral hearings. Regulatory framework under EO 14373 and the 2026 cascade of General Licenses.

VE PULSE · 10-JUN-2026

Venezuela's State seizes Bolívar's gold by force, 672 MW of idle hydropower restart under a U.S. license, and the bolívar holds on reserves

The record barrel funds Venezuela's recovery but buys no structure: the State reorders the gold rent by force, the power grid restarts only with a U.S. license, and the bolívar holds by spending reserves. Volume flows; the rest is the pending test.

OFAC · GL 51B

GL 51B — Trade in Venezuelan-Origin Minerals, Including Gold

Authorizes an established U.S. entity to export, sell, store, purchase, deliver and transport Venezuelan-origin minerals —including gold— in transactions involving the Government of Venezuela and CVG Minerven, including processing and refining. Subject to U.S./allied law and forum and Treasury payment routing. Supersedes GL 51A.