G20 finance ministers to mull fund for Venezuela in Washington meet

Finance ministers from around the world will be in Washington, DC today for the IMF and World Bank’s annual spring meetings.

Representatives from the G20 will meet on the sidelines to discuss the Venezuelan crisis. Specifically, the ministers will consider establishing a multilateral fund to assist Venezuelans fleeing the country, although it is unclear whether the fund will be agreed upon by all parties.

Some 1.5 million Venezuelans are estimated to have fled across the country’s borders into neighbouring Brazil and Colombia at a rate that could see 5% of Venezuela’s total population leave the country this year. The mass exodus has placed enormous strain on Brazil and Colombia’s border regions, while the vulnerability of the fleeing Venezuelans has sparked a health crisis; Brazil has recorded over 360 cases of measles in connection to the population influx.

The main limitation of the proposed fund is that it can only provide for those leaving Venezuela; Nicolas Maduro’s government refuses humanitarian aid, meaning those who remain will continue to suffer. As the mass exodus will likely continue, expect Brazil and Colombia to be increasingly strained by the crisis.

Wake up smarter with an assessment of the stories that will make headlines in the next 24 hours. Download The Daily Brief.