He intends to create a regional banking institution which would replace these two organizations responsible, according to him, for poverty in South America.
Chavez leaves the World Bank and the IMF
Created the 01-05-2007 at 06h02 - Updated the 23-06-2008 at 10h31
Venezuela had already canceled its debts to the two organizations. "Soon we won't have to go to Washington, or the IMF or the World Bank, or anywhere," said Hugo Chavez.
Venezuela's President Hugo Chavez announced on Monday April 30 that his country would be withdrawn from the World Bank and the International Monetary Fund (IMF), in a largely symbolic gesture since Venezuela has already canceled its debts to the two lending organizations.
"We will soon no longer have to go to Washington, or the IMF or the World Bank, or anywhere," said the radical left leader, who has long castigated these two Washington-based institutions.
He explained that he wanted to formalize Venezuela's exit from the IMF and the World Bank "this evening and ask them to give back what belongs to us".
"We have a few dollars there," he said, referring to Venezuela's recent debt repayments to the World Bank five years ahead of schedule, saving the country $ 8 million .
Maintain poverty
Venezuela had also finished paying off its debts to the IMF soon after Chavez came to power in 1999. The IMF also closed its offices in Venezuela at the end of last year.
This announcement by the Venezuelan president comes the day after another statement during a meeting with representatives of the allied countries of Venezuela in which he said that Latin America in general would be better without the World Bank and the IMF, supported by United States. On several occasions already, he had accused their lending policies of maintaining poverty. (AP)