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Venezuela pays off multilateral loans, says goodbye to IMF

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Published on Jul 21, 2015

AP Television
Washington DC - 13 April 2007
1. Wide of World Bank building
2. Mid of World Bank President Paul Wolfowitz entering building
3. World bank sign of building
VTV - No Access Venezuela
Caracas - 14 April 2007
3. SOUNDBITE: (Spanish) Rodrigo Cabezas, Venezuelan Finance Minister:
"Thanks to this political decision from the Boliviarian government we don't have any debt. Venezuelan's from today, Venezuelan's from future generations, those children being born today and those who will be born tomorrow do not owe a cent of a dollar to the World Bank or the International Monetary Fund."
AP Television
Washington DC - 14 April 2007
4. Close-up of International Monetary Fund seal
5. Wide of IMF building
VTV - No Access Venezuela
Caracas - 14 April 2007
6. SOUNDBITE: (Spanish) Rodrigo Cabezas, Venezuelan Finance Minister:
"There is nothing to fear, that is what we tell the countries of Latin America, when a country is liberated from the International Monetary Fund and the World Bank. The Bank of the South, it is going to be a professional bank and technically opted to preserve our resources and utilise our financial resources for our own development."
AP Television
Washington DC - 13 April 2007
7. Mid of World Bank front facade
8. Wide of World Bank building
STORYLINE:
Venezuela said on Saturday it has paid off its debts to the International Monetary Fund and the World Bank and is cutting ties to the two institutions, which the government of President Hugo Chavez accuses of perpetuating poverty and economic ills.
"Venezuelan's from today, Venezuelan's from future generations, those children being born today and those who will be born tomorrow do not owe a cent of a dollar to the World Bank or the International Monetary Fund," Venezuelan Finance Minister, Rodrigo Cabezas, told the Venezuelan state broadcaster.
By making early payment on loans expiring in 2012, Venezuela saved 8 (m) million US dollars in interest payments.
Officials from the World Bank and International Monetary Fund were not immediately available for comment on Saturday.
Chavez, who was elected in 1998 when Venezuela owed a total of 3.3 (b) billion US dollars to multilateral institutions, has fiercely criticised previous administrations for indebting the country to the International Monetary Fund and accepting macroeconomic policies blamed for high inflation and other problems that touched off deadly protests in 1989.
Shortly after taking power in 1999, Chavez had the government pay off all debts with the IMF, which closed its Venezuela office in late 2006.
On Friday, Chavez announced that the country had made its final payment to the World Bank the day before.
Chavez has proposed founding an alternative "Bank of the South" to finance infrastructure and development in Latin America.
Cabezas said the Bank of the South would be "a professional bank and technically opted to preserve our resources and utilise our financial resources for our own development."


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