Venezuelan authorities plan to focus on reconstruction efforts and recovering around 31 metric tons of gold, worth an estimated $4 billion, held in the Bank of England's underground vaults, National Assembly Chief Jorge Rodríguez said, as monthly inflation surged to 20 per cent.
The gold has been at the centre of a long-running legal dispute in British courts. The Bank of England has refused to release the bullion because it did not recognise the legitimacy of former President Nicolás Maduro's government.
It has remained frozen despite Maduro's capture by the U.S. in January and a request by acting President Delcy Rodríguez to King Charles.
Jorge Rodríguez said the government and lawmakers had agreed to prioritise reconstruction projects focused on housing, healthcare, electricity and debris removal, with the recovery of Venezuela's international assets forming part of those efforts.
The plan comes after devastating twin earthquakes struck the country at the end of June, killing more than 6,000 people and causing widespread damage.
Venezuela's central bank said the disaster contributed to a sharp rise in inflation as disruptions affected the distribution of goods. Monthly inflation reached 19.9 per cent in July, up from 13.8 per cent in June, while year-on-year inflation stood at 575.9 per cent, according to Reuters calculations based on central bank data.
The bank expects inflation to ease in August.
At the same press conference, Venezuela's ruling Chavistas and opposition agreed to replace all judges on the Supreme Court of Justice (TSJ), marking one of the first agreements reached through U.S.-backed dialogue aimed at facilitating a political transition.
Opposition delegation head Dinorah Figuera said implementation would begin in August.
"The timeline for implementing the agreements will begin this August with official announcements and concrete actions, under a continuous working mechanism that ensures strict compliance with each commitment," Figuera noted.
Jorge Rodríguez said both sides had also agreed to establish mechanisms for transparency, traceability and auditing to ensure the recovered assets are used efficiently for the benefit of those affected by the earthquakes.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 4th of September, covering the latest developments.
U.S. efforts to squeeze Iran’s economy through an oil blockade and sanctions are becoming increasingly difficult for Tehran to withstand, according to three senior Iranian sources. Washington is escalating pressure in hopes of securing concessions in future negotiations.
An Iranian tanker was hit by U.S. forces on Saturday near Iran's key oil export hub, Kharg Island, in the Gulf, the semi-official Iranian news agency Tasnim reported.
Russian President Vladimir Putin held more than three hours of talks with U.S. envoys Steve Witkoff and Jared Kushner in Moscow on efforts to end the Ukraine war.
U.S. ambassador to Israel Mike Huckabee told reporters on Saturday that there is no plan underway to force Palestinians out of Gaza, following Israel's government proposal on relocation plans for people in Gaza.
A Chinese national was pulled alive from a tunnel in Nepal on Saturday, authorities said, 10 days after a wall of ice, rock and mud tore through a Himalayan valley, killing more than 1,300 people and leaving more than 5,600 missing.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
Spanish authorities are preparing a new site in Ceuta to accommodate hundreds of migrants who remain on the streets following large-scale arrivals in July, local media reported Saturday.
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