Advertisement

Chavez: Just Say No to the World Bank and IMF

8:00 am By Jennifer Woodard Maderazo · Politics| Venezuela

3 May 2007

chavezun.jpgOn Monday, Venezuela’s President Hugo Chavez announced that his country would no longer be part of the World Bank and the International Monetary Fund(IMF).Chavez said:

“We will no longer have to go to Washington nor to the IMF nor to the World Bank, not to anyone,”.

Venezuela had already been out of the Washington based lending institutions since it had repaid its debts to the World Bank five years ahead of schedule, saving $8 million and paid off all its debts to the IMF shortly after Chavez first took office in 1999. The IMF closed its offices in Venezuela late last year.


The IMF and World Bank have long been the target of protests and have been blamed for perpetuating poverty in Third World nations, especially through Structural Adjustment Policies. These are economic policies which countries must follow in order to qualify for new World Bank and International Monetary Fund (IMF) loans. They include requiring countries to devalue their currencies against the dollar; lift import and export restrictions; balance their budgets and not overspend; and remove price controls and state subsidies.

Via / News Max

Comments are closed.

Hola!

VivirLatino is a daily publication published by 2 Mujeres Media, dedicated to featuring all the latest politics, culture, entertainment of interest to the diverse and influential Latino and Latina community in the U.S.

About | Advertise with us | Contact | Twitter

  • AmeRICAN: Calle 13 is a bad luck charm brought on Puerto Rico ex-Boxing Champion Miguel Cotto a BEATING by Pac [...]
  • Maegan La Mala: I don't think so [...]
  • Maegan La Mala: I was thinking about this...how the two are connected [...]
  • Maegan La Mala: Well I certainly don't condone an eye for an eye politics and don't think that that kind of "justice [...]
  • Raymond Lee: This is an outrage, again a young gay man attacked and killed and the fact that they where gay or bi [...]