US Commerce Secretary Ross lays out plan for Venezuela reconstruction

BRASILIA: US Commerce Secretary Wilbur Ross said on Thursday the United States is ready to support pro-market reforms and privatizations in Venezuela with credit and investment.

Ross, speaking at a conference on the reconstruction of Venezuela, said there will be an immediate need for a capital infusion to undo socialism in Venezuela once the internationally recognized government of opposition leader Juan Guaido takes over.

But in the long term, Venezuela has 300 billion barrels of oil, gold and other mineral resources to rebuild its economy, he told a conference of infrastructure company executives.