Venezuela to leave IMF, World Bank

CARACAS: Venezuela's President Hugo Chavez announced on Monday his country's decision to pull out of the World Bank and the International Monetary Fund, accusing them of exploiting small countries.   

"I want to formalise the exit from the World Bank and the International Monetary Fund (IMF)," Chavez said in broadcast on Venezolana state television, branding them "mechanisms of north American imperialism".   

The OPEC nation's leader Chavez, a leftist firebrand who has made a habit of demonizing the United States administration, was given sweeping powers in February to govern by decree for 18 months in his country.   

"We are going to withdraw ... and let them pay back what they took from us," he said, claiming that the organizations were "in crisis."   

"We are going to withdraw before they go and rob us," he added, issuing an order for his Finance Minister Rodrigo Cabezas to begin proceedings to withdraw Venezuela from the organisations.   

The United States has accused Chavez of being a destabilising force in Latin America. US Secretary of State Condoleezza Rice said Wednesday that Chavez was wrecking his country "economically and politically". 

The IMF recently reviewed a campaign launched last September to increase the stature and voting rights of emerging-market and poor countries.