MercoPress. South Atlantic News Agency

Chávez could abandon IMF

Venezuelan president Hugo Chavez insinuated that Venezuela could abandon the International Monetary Fund, IMF, if multilateralism “doesn't change” and keeps insisting in the promotion of “neo-liberal” economic policies.

"Until the IMF doesn't change its focus, if it ever changes, we don't need them", said President Chavez during his Sunday television and radio program "Hello President". "We belong to the IMF but we could even abandon the organization".

President Chávez blames IMF "neo-liberal" economic policies for the impoverishment of developing countries that have resorted to multilateralism financial support. The economic advancement of a country can't depend on the willingness of foreign investors "to establish or not" in Venezuela, although he was quick to add that they are always welcome.

"We support productive investments that come to remain in Venezuela, not speculative money that comes for a quick buck and leaves", underscored Mr. Chávez. During his Sunday morning chat Mr. Chavez also announced the approval of a package of 18,75 billion US dollars to promote "endogenous development" in eight areas of Venezuela with great potential.

Among those projects are the building of a dam and an irrigation system next to the Colombian border and a second bridge over the mighty Orinoco River, the country's main water system.

Both projects were contracted to Odebrech a strong Brazilian public works contractor. Brazil openly supported the Chávez administration during the recent several months' long oil workers strike that almost paralyzed the country's economy.