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US to pump $10 billion into Venezuela once Maduro is out

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Christian Fernsby |
US Treasury Secretary Steven Mnuchin
America   US Treasury Secretary Steven Mnuchin

Speaking at a press conference on Saturday, US Treasury Secretary Steven Mnuchin stated that Washington has been leading the effort to salvage the Venezuelan economy.

The help will only be available to the "new government" of self-proclaimed "interim president" Juan Guaido, who Washington has been backing in a push for regime change in Caracas.

"We're going to be working on trying to put together a consortium of about $10 billion of trade finance that would be available for the new government to spark trade," Mnuchin said.

Mnuchin announced that the ministers agreed to "support robust engagement by the international financial institutions to assist Interim President Guaido's government as it prepares for new elections", noting that "very significant trade finance" would also be needed to revitalize the country's private sector.

For now, though, the US and about 50 countries that have vouched for Guaido will keep pushing to see him come to power.

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