“Reconstruction” It had become a catchphrase in the Venezuelan language after January 3, when Nicolás Maduro was abducted from his bunker by a North American military commando. It was called “rebuild” the economy and relations with the United States, trust in a decimated Government and the almost non-existent links between ‘post-Madurism’ and the opposition. The double earthquake of the last few hours brutally expanded the meaning of the verb: part of Caracas and other cities will have to be raised from the rubble.
Before the earthquake added a new layer of material damage to a society torn by crisis and internal conflict, The United States had been “reconstructing” the Venezuelan economic fabric based on its strategic interests, which in principle have to do with hydrocarbons, mining and rare earths. Venezuelan income from oil exports reached $5,491 million during the first quarter of 2026. According to the Central Bank (BCV), they increased by 21% compared to the same period in 2025. This increase has occurred in tandem with exports: 1.25 million barrels per day (bd), the highest level recorded since 2019. The benefits of oil revenue do not reach the pockets of ordinary men and women. The National Assembly (AN) months ago approved a reform to the hydrocarbons law that opened a wider door to private capital. Washington wants the possibilities for North American companies to expand even further.
The interim government of Delcy Rodríguez, whose mandate should formally end during the first week of July and which will surely be renewed, has begun to “rebuild” the relationship with Venezuela’s external creditors. This implies the recognition that the debt is not 150,000 million dollars but 240,000according to ‘Financial Times’. The Miraflores Palace has hired the American firm Centerview Partners to prepare the process. The country has been in suspension of payments since 2017 and seeks to successfully complete the restructuring of its liabilities before the end of this year. The International Monetary Fund (IMF) has returned to Caracas to supervise the operation of state spending. The earthquake finds the economic authorities defining the scope of the adjustment and facing the need to take on more debt to face the “reconstruction.”
Post-Maduro Venezuela is rising quickly before the eyes of citizens. American Airlines has added Maracaibo to its return to the country and announces flights to Haiti. The first mining agreement with the endorsement of the White House has been signed. The Executive granted Shell a license to explore and exploit a gas field. Representatives of the investment banks JPMorgan Chase and Jefferies periodically settle in Caracas. The earthquake left the capital and other areas of the country without electricity. Supply cuts are not unknown to Venezuelans. The energy infrastructure must also be “rebuilt”, in the words of the officials themselves who days ago signed a memorandum of understanding with General Electric Vernova to improve the electrical grid.
The “president in charge” has created a Special Commission for the Evaluation and Classification of Public Assets. This is an instance that must define which companies will continue under direct control of the State, which can operate with mixed capital, be completely privatized and even sold at a fire sale price. Over the last 27 years, some 1,000 companies had been expropriated.
The monumental poverty
Although GDP growth of up to eight points is contemplated due to the revitalization of the oil industry, the country does not actually have its own currency and is on the path to de facto dollarization. The North American currency pulverizes the bolivar daily and this deterioration especially impacts those Venezuelans who do not receive remittances or update their income based on the increase in the cost of living. According to Bloomberg Line, Venezuela has the worst salary in the region.
The Center for Documentation and Social Analysis of the Venezuelan Federation of Teachers (Cendas-FVM) recently reported that a family has needed at least $730.59 just to feed themselves during the month of April 2026. That sum is equivalent to 2,697 minimum wages. A study by the Andrés Bello Catholic University (UCAB) shows that 68.5% of citizens live in poverty and 31.7% of them face a situation of extreme poverty. Part of this punished segment has just added drama to their lives: the house turned into rubble.
The political dialogue
In this context, attempts to “rebuild” the bridge between the Government and the opposition have so far been unsuccessful. The leader of this space, María Corina Machado, had called a month ago to engage in a “serious dialogue” with Rodríguez to cement the “national union.” The post-Madurismo received, however, another opposition leader: Dinorah Figuera.
A few hours before the Venezuelan land shook resoundingly, Francisco Arias Cárdenas, current deputy of the ruling PSUV before the National Assembly and also former commander of the attempted coup d’état of February 4, 1993 led by Hugo Chávez, had requested the “president in charge” to accept Machado’s invitation. “The leader is President Rodríguez and the opposition leader is María Corina Machado. We all need each other. Nobody is left over. “We must put aside the internal struggle, because we are risking the history of Bolívar’s homeland.”
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