Friday, May 18, 2007

Venezula to Withdraw From IMF
-Venezula President Hugo Chavez -
Venezula President Hugo Chavez says he want to pull his country out of the International Monetary Fund & The World Bank

In Speech to mark 1 May ,Mr Chavez said he wanted the move to take effect as soon as possible.As the country has settled its IMF debt,the withdrawal is largely a symbolic gesture,correspondent say.

President charvez also announced an almost 20% increase in the minimum monthly wage.
“we don’t need to be going up to Washington …. We are goint to get out,”Mr chavez said. “We are going to withdraw before they go and rob us,”he went on.

The president said he had order financial minister Rodrigo Cabezas to begin formal proceeding to withdraw from the two international bodies.
Mr Chaves said Venezula would seek repayment of money owed to it by the IMF and world bank -presumably a reference,correspondent says ,to contributions which member countries pay. “We still have a few bucks there,” he said.

President Charvez has spoken of his ambition to set up what he call a Bank of the South,backed 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.

-When we will get this kind of leader to rule my motherland-