Venezuela to withdraw from IMF

I’m hardly a fan of the IMF, World Bank, or Chavez, and while I’d be happy enough to see each of them go away, at the moment reformation, reflection, and moderation would seem to be a better way to go.

I have to wonder what Venezuela is going to do when the oil money runs out. Hugo’s infrastructure reforms all seem to be sketched on the back of envelope on the way to whatever rally he’ll announce them at. Soaring ambitions built on shaky foundations. :s

Venezuelan President Hugo Chavez says he wants to pull his country out of the International Monetary Fund and the World Bank.

As the country has settled its IMF debt, the withdrawal is largely a symbolic gesture, correspondents say.
The president said he had ordered Finance Minister Rodrigo Cabezas to begin formal proceedings to withdraw from the two international bodies.

Mr Chavez said Venezuela would seek repayment of money owed to it by the IMF and World Bank - presumably a reference, correspondents say, to contributions which member countries pay.

“We still have a few bucks there,” he said.

President Chavez has spoken of his ambition to set up what he calls a Bank of the South, back by Venezuelan oil revenues, which would finance projects in South America.

Ecuador, led by another left-wing president, Rafael Correa, has also spoken of leaving the IMF, and recently expelled World Bank representatives from the country. [/quote]