US Secretary of State Mike Pompeo explained his government's plan for a political transition in Venezuela during a press briefing in Washington DC on Tuesday.
The transition plan, called 'Pathway to Democracy,' would set up a council of state who would act as a transitional government until elections could be held "we hope within six to twelve months."
"Both Nicolas Maduro and Juan Guaido would accept the Council of State as the sole executive during this transitional period. If the conditions of the framework are met, including the departure of foreign security forces and elections deemed free and fair by international observers, then all remaining US sanctions would be lifted," said Pompeo.
Allies of both incumbent leader Nicolas Maduro and opposition leader Juan Guaido would be represented under this transitional government.
"We hope that every Venezuelan will consider this framework carefully, thoughtfully and seriously. We think it presents an opportunity for the Venezuelan people," he added.
Venezuela has been rocked by a major political and economic crisis ever since the re-election of Maduro in May 2018.
The election outcome was widely disputed both in Venezuela and abroad with over 50 countries recognizing Guaido as the president of the country instead.