The World Bank (WB) announced Friday a donation of 31.5 million dollars for migrants and refugees in Venezuela and support the efforts of the host communities in Colombia.
An estimated 3.7 million people have left Venezuela in recent years and more than 1.2 million now live in Colombia, the World Bank said in a statement.
"It is non-reimbursable resources will help finance the significant fiscal effort that Colombia is making to welcome and help migrants from Venezuela in the best possible way," said Alberto Carrasquilla, Colombian Minister of Finance, who participates in the Fund's Spring Assembly. International Monetary Fund (IMF) and the WB that is celebrated these days in Washington.
This financial support is part of a $ 750 million development policy program to contribute to Colombia's fiscal sustainability, and includes a regularization plan for the status of more than 260,000 migrants.
According to the WB, the annual cost of hosting this large flow of Venezuelan migrants means that Colombia accounts for 0.4% of its gross domestic product (GDP).
According to Axel van Trotsenburg, vice president of the Latin American organization, the "massive and rapid migration" from Venezuela is a "unprecedented" humanitarian challenge in the region.
Trotsenburg stressed that this is the "second largest crisis" of displaced people in the world after that caused by the war in Syria.
The official participated in a conference in the WB with Carrasquilla and the Minister of Economy of Ecuador, Richard Martinez, in which they analyzed the problems generated by this flow of displaced people.
The crisis in Venezuela is one of the main topics of the meeting in view of the possibility of an economic assistance program of the International Monetary Fund (IMF) with the South American country.
In an interview with Efe on Thursday, the managing director of the IMF, Christine Lagarde, said that the institution is ready for the day Venezuela says "please come help", but stressed that the support needed will be "huge" .
Venezuela is experiencing an acute economic and political crisis, with a deep contraction of the GDP and in the middle of a hyperinflationary spiral, which has caused the shortage of numerous basic products.