Nicolás Maduro holding a copy of the agreement between his government and the Venezuelan opposition, Nov. 30. Yuri Cortéz/AFP via Getty Images
The government and opposition of crisis-battered Venezuela have agreed to set up a UN-backed humanitarian fund, but much will depend on how they follow up or reach additional agreements.
Why it matters: The lives of millions of Venezuelans remain at stake as they face deep poverty and food insecurity amid the political turmoil.
Catch up quick: The U.S. and other governments have recognized opposition leader Juan Guaidó as Venezuela's legitimate president since 2019, meaning he has control of international bank accounts.
Driving the news: Representatives of the Maduro government and the opposition, a coalition known as the Unitary Platform, agreed during renewed negotiations in Mexico City last weekend to set up a UN-backed fund with nearly $3 billion of Venezuela's frozen international assets for humanitarian aid.
Yes, but: The agreement only scratches the surface of the items on the Venezuelan agenda, and there isn't yet evidence that the Maduro side will yield on other substantial matters.
What they're saying: "There have been many negotiations before, but they usually fall apart with nothing to show for them or with spoken promises that end up unfulfilled," says Phil Gunson, Caracas-based senior analyst at the International Crisis Group.
Between the lines: Both sides had reasons to seek an agreement this time as political winds have shifted in Maduro's favor, Gunson says.
What we're watching: The White House official said the tit-for-tat of sanctions relief for concessions from the regime was a "work in progress" and that, while the Biden administration shares the opposition's goal of free and fair elections in 2024, restoring democracy "may be a longer undertaking."