Venezuela Pulling Out of IMF, World Bank

[katty]

more: http://www.breitbart.com/print.php?id=D8ORABSG1&show_article=1

Venezuela Pulling Out of IMF, World Bank

Apr 30 10:27 PM US/Eastern
By JORGE RUEDA
Associated Press Writer

CARACAS, Venezuela (AP) - President Hugo Chavez announced Monday he would formally pull Venezuela out of the World Bank and the International Monetary Fund, a largely symbolic move because the nation has already paid off its debts to the lending institutions.
"We will no longer have to go to Washington nor to the IMF nor to the World Bank, not to anyone," said the leftist leader, who has long railed against the Washington-based lending institutions.

Chavez said he wanted to formalize Venezuela's exit from the two bodies "tonight and ask them to return what they owe us."

Venezuela recently repaid its debts to the World Bank five years ahead of schedule, saving $8 million. It 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.

[northzax]

1. good luck raising any sort of capital, Senor.

hope oil prices stay high enough for long enough that you can make investments in the infrastructure you so badly need.

[Pharaoh]

3. The World Bank and IMF

Are capitalist tools to enslave the third world and strip them of their natural resourses, Good for Venezuela!

[northzax]

10. mmm. yes, these world bank projects were evil

why, one was to increase availability of HIV treatment and prevention services among the indigenous population in Caracas, and the other provided buyouts for industries using CFCs to encourge them to stop production.

damn that world bank! what evil people.

[Dhalgren]

4. Venezuela does not need the IMF or the World Bank or Washington DC!

None of the developing world needs these organs of oppression! Wolfowitz is a perfect face for both of those putrid tools of the slave owners. Good for Chavez and better for Venezuela!

[Igel]

15. I don't know about that.

Chad got money for its oil infrastructure--it has a small amount of oil. The string that the WB put on it was that the profits go for health infrastructure and care for the poor.

Now, Chad said 'no'--they had budget problems and wanted the new money to pay the beaurocracy. WB said 'no', and promised a mess of trouble if Chad reneged on its promise. And they sat down to work out a compromise (the nature of which is unknown to me).

Oddly, the WB staff objected to holding Chad to its commitment.

[northzax]

19. good example

check out my post about the two projects Venezuela just paid off, HIV/AIDS prevention and CFC reduction. those evil Bank bastards! funding CFC reductions, what will they think of next?

and I am sure that if Venezuela starts loaning money, there will be no strings attached at all. and easy repayment terms.

[northzax]

16. no, but they do need Texas and Louisiana

since that is where their oil is refined into gasoline.

[Dhalgren]

20. I am sure that Texas and Louisiana needs Venezuela's oil more

than Venezuela needs their refineries. There are lots of other refineries, but the oil, well, that's a little different...

[arcane1]

6. $8 million is a good start

and paying the debts off 5 years early must mean that he can raise capital
with no problemo :)

[RaleighNCDUer]

8. In fact, with Venezuela's oil revenues they could very likely set

themselves up as an alternative for third world nations- would we see them offering assistance to, say, Nigeria, liberating them from the IMF and World Bank so that Nigeria could actually profit from its own oil revenues? How many other nations are selling off their resources to pay off IMF loans? Every one is a potential ally for him.

[arcane1]

9. they are already assisting 3rd-world countries:

after hurricane Katrina, they offered assistance to the 3rd-world country known as the United States

again, not a bad start :)

[northzax]

11. you know they are a developing nation, right?

(no one uses 'third world' anymore, btb)

and their oil revenues keep declining. a sound strategy would be to invest money in Venezuela before subsidizing others for political gain.

[arcane1]

12. agreed

though the oil offer was a nice gesture, IMO

[northzax]

13. emergencies are a different story, of course

giving money or resources in an emergency is fine, even if you don't have much to spare (certainly I would not condemn someone with a large mortgage giving a small amount to charity, but if you can't make your house payments you probably shouldn't take a lower paying job)

Venezeula is using their temporary windfall from high oil prices as a political tool, selling cheaper oil to certain countries, buying weapons and subsidizing other industries. yes, there is domestic investment, but if I were advising Chavez, I would be pushing for more and more domestic investment, the oil windfall isn't going to last forever. Chavez is acting like a lottery winner, using his windfall to buy friends and influence people, not to set himself up for generations to come.

[arcane1]

14. they do indeed have a long way to go

and while I applaud this latest action, I hope there is good follow-up to it as well

[arcane1]

2. sweet

I hope there are many other countries to follow, and they start saying "NO" to this privatized-water bullshit

:toast:

[Dhalgren]

5. Yes! And YES!

:toast:

[Vexatious Ape]

7. Good, and I'll continue to fill up at Citgo.

[november3rd]

17. Boy, that'll piss 'em off

If you thought they were mad about the oil takeover and the Russian fighter jets, what if the Venzuelans start lending money to other Latin, African, and Asian countries?

[katty]

18. I think that is part of the plan