Chavez to pull Venezuela out of World Bank and IMF
Tuesday, 1 May 2007
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Venezuelan President Hugo Chavez has announced his intention to pull the country out of the World Bank and International Monetary Fund.
Mr Chavez says the two organisations are implements of US imperialism, with their lending policies perpetuating poverty across the world.
His decision to withdraw from the bodies is largely symbolic as Venezuela has already repaid its debts to the two institutions.
Mr Chavez has taken a number of steps to move Venezuela towards a modern form of socialism since he first took office in 1999.
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