The International Monetary Fund is poised to restore formal relations with Venezuela as early as this week, Spanish Economy Minister Carlos Cuerpo said Thursday in Washington. The IMF recently polled its members about their recognition of Venezuela's government, a critical step toward resuming engagement with the South American nation after decades of isolation.

Under current IMF rules, Venezuela cannot have formal contact or access to financing until a majority of members recognize Delcy Rodriguez as the official government. Cuerpo emphasized that Spain has been at the forefront of efforts to normalize relations, suggesting diplomatic momentum is building ahead of the vote.

The potential restoration comes as Venezuela seeks to stabilize its economy and access international financial support. The IMF's decision could mark a significant shift in how the global financial community engages with Caracas, potentially opening doors for future economic cooperation.