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Governor Talks: Venezuela Redux: From Crisis Management to Restoring Hope

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Location: G-09

Governor Talks: South Korea

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Overview

Venezuela is at a pivotal juncture. After economic collapse, isolation, hyperinflation, and despite devastating earthquakes, the country is recovering. Growth resumed in 2020, supported by rising oil production and tighter economic policies. Foreign exchange inflows are increasing. Transforming the fragile recovery into sustained and inclusive growth while tackling persistently high inflation, unsustainable debt, and very limited financing are major challenges.

In this Governor Talks, Calixto Ortega, Vice President for the Economy and Governor of the IMF, will share his perspective on Venezuela’s economic transformation and the policy priorities shaping its future. Drawing on broad policymaking experience that includes periods in the oil and financial sectors and as Central Bank President, he will discuss efforts to restore macroeconomic stability, attract investment, strengthen institutions, and harness Venezuela’s vast natural and human resources to generate lasting prosperity.

The conversation will explore how Venezuela can leave behind years of crisis, unlock its economic potential, and build the foundations for durable growth. It will also address the role of economic reforms, international engagement, and private sector development in supporting the country’s long-term recovery. The discussion will conclude with an audience Q&A.

 

Panelists

Calixto Ortega Sanchez

Vice President for Economy of Venezuela 

 

Calixto José Ortega Sánchez is Venezuela’s Sectoral Vice President for the Economy. He previously served as President of the central bank from 2018 to 2025, overseeing monetary policy during Venezuela’s post-hyperinflation adjustment period. Prior to the central bank, he held senior positions at the state oil company (PDVSA), CITGO, and in Venezuela’s diplomatic service. He is trained as an industrial engineer with an MBA degree from Rice University and holds a master’s degree in Economic Policy Management from Columbia University.

 

Calixto Ortega Sanchez

 

 

Nigel Chalk (Moderator)

Director of the Western Hemisphere Department, IMF

 

Nigel is a UK and Irish national, having served as Deputy Director of WHD prior to becoming Department Director. During his time in WHD, he has overseen a range of surveillance and lending operations for key countries including Argentina, Bolivia, Brazil, Canada, Costa Rica, Ecuador, Jamaica, Mexico, and Suriname. During this period, he was the U.S. Mission Chief, leading twelve consecutive Article IV consultations under four different administrations. Prior to joining WHD, Nigel was a Managing Director and Head of Non-Japan Asia Research at Barclays Bank in Singapore, providing advice to clients and the bank’s own operations on macro, rates and FX strategy. Nigel has also been a Deputy Director in the Asia and Pacific Department at the Fund, including the mission chief for China for several years, and earlier in his Fund career, Nigel worked on a diverse set of countries including Russia, Korea, the Philippines, and Brazil from the Middle East, Fiscal Affairs, Asia and Pacific and Western Hemisphere Departments. Nigel holds a B.A. from the University of Liverpool, an M.Sc. in Economics from the London School of Economics, and both a Ph.D. and M.A. in Economics from the University of California, Los Angeles.

Nigel Chalk (Moderator)