Venezuela leaves World Bank, IMF

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.
Chavez made the announcement a day after telling a meeting of allied leaders that Latin America overall would be better off without the U.S.-backed World Bank or IMF. He has often blamed their lending policies for perpetuating poverty.>>>cont

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