Chavez:Bank of the South will not impose IMF and World Bank humiliating conditions


Caracas, Sept 28 ABN.- The recently created Bank of the South is a financial entity that will bestow funds to the State parties so as to attack social problems but without the humiliating conditions of other multilateral entities, as the International Monetary Fund and the World Bank, for instance.

The above statement was issued by the Venezuelan Minister of Economy and Finances, Ali Rodriguez Araque, after his participation on the II Africa-South America Summit (ASAS), which was carried out during the weekend in Margarita island, Nueva Esparta state, northeast of Venezuela.

“The Bank of the South comes to overcome the asymmetries showed by other financial entities. The purpose is to create a fund in which we allocate resources so as to attack different problems of a social nature, beginning with projects to reduce poverty and decrease the unemployment rate,” he explained.

Moreover, the Minister added that now the integration in South America not only embraces the areas of energy, infrastructure, culture and trade, but that it will also comprise the financial integration.

Likewise, Rodriguez Araque added that initially the bank is to finance only projects of the member States, though they do not dismiss the possibility of developing projects outside the borders of the region.

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