The IDB Group has been developing and implementing actions for 2021-2023 to respond to the socio-economic crisis affecting the nation. This work focuses on two strategic axes: addressing the humanitarian crisis and preparing interventions for the country´s recovery once the political and financial situation ends. Based on the needs and limitations, these axes comprise two cross-cutting themes: knowledge generation and dissemination and addressing the migration crisis. The goal is to allow the Bank to lead an informed dialogue and implement actions for the country’s social and economic recovery, including strengthening public finances, the social safety net, improved public services, and human capital. Furthermore, the aim is to promote and attract private investment and strengthen institutions and the rule of law. To the same extent, these actions incorporate climate change and sustainability, and social and economic integration.

Venezuela is one of the founding member countries of the IDB. Like all the shareholders, Venezuela appoints a Governor, who represents the country on the Board of Governors.

For day-to-day business at the Bank's Headquarters in Washington, D.C., Venezuela is represented by a chair on the Board of Executive Directors. The chair, shared with Panama, is headed by an Executive Director, who is elected to a three-year term by the Governors of Venezuela and Panama.

Country strategies remain valid for one year beyond the stated period, as they remain active throughout the preparation of the following strategy.