Economic losses mount as Venezuela earthquake death toll grows

The series of powerful earthquakes that struck Venezuela on Wednesday could cause economic losses equal to as much as 7 percent of the country’s gross domestic product (GDP), according to preliminary estimates from the United States Geological Survey. Initial assessments released on Thursday estimate that the damage could amount to between 1 and 7 percent of Venezuela’s $111bn GDP after twin earthquakes measuring 7.2 and 7.5 struck about 160 kilometres (100 miles) west of the capital, Caracas, on Wednesday afternoon, leaving at least 188 dead. Recommended Stories list of 4 items end of list Interim President Delcy Rodriguez has said that there will be a $200m fund from the International Monetary Fund that will be used to help rebuild infrastructure, hospitals and housing. “Significant reconstruction will likely be necessary, and this will likely require foreign support, including from the US, regional actors, and international financial institutions. The government appears to have moved quickly to announce a reconstruction fund with support from the IMF [International Monetary Fund],” Rachel Ziemba, economist and senior adjunct fellow at the Center for a New American Security, told Al Jazeera. “Other adjustments to the sanctions regime may be necessary to facilitate remittances, capital flows, and greater flexibility for imported material.” The US is sending resources to assess the damage and provide aid. …