Venezuelan president, Hugo Chavez, has announced his country’s withdrawal from both the International Monetary Fund (IMF) and the World Bank, describing said institutions to no longer be of use to Venezuela. He has also proclaimed his intention to establish an alternative South American lending system [the “Bank of the South”]. [“I want to formalize our exit from the World Bank and the International Monetary Fund,” Chavez said, issuing an order for Finance Minister Rodrigo Cabezas to begin proceedings to withdraw from the organizations. “We are going to withdraw before they go and rob us.”] [AlJazeera, May 1]
From Madrid11.net Security Briefs, May 1
See our last post on Venezuela.