The Bolivarian Republic of Venezuela was a founding member of the International Monetary Fund (IMF) in 1946.
Since 2007, Venezuela has not had official financial relations with either the IMF or the World Bank after it paid off its debt five years ahead of schedule under President Hugo Chávez.
[5][6] Venezuela has nationalized many industries, specifically in oil production, banking, telecommunications, metallurgy and mining.
Predictions in 2017 stated inflation was expected to reach 720% in 2017, and the economy was forecasted to contract by an additional 7.4%.
[10] As of 2016, Venezuela, in spite of having symbolically walked away, still has an IMF quota allocation of 3,722,700 SDR.