Published: 02 May 2007
Venezuela's leader Hugo Chavez has underlined his intention to develop an alternative economic vision for Latin America by pulling his country from the World Bank and the International Monetary Fund - organisations that have long had a controversial role in the region.
He is also to nationalise operational control of four oil field projects currently run by foreign companies.
Though Venezuela has paid off its loans to the two international lending organisations, Mr Chavez's announcement that he intends to quit the organisations is powerfully symbolic. It is likely to lead to other smaller nations to question their membership and demand a greater say in the organisations' policies.
"We will no longer have to go to Washington, nor to the IMF, nor to the World Bank, not to anyone," said Mr Chavez. "I want to formalise our exit from the World Bank and the IMF." continue...
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