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Bolivian President declares ‘Total Independence’ from World Bank and IMF

The socialist leader published his comments following a meeting with his peers at a gathering in Argentina of the Mercosur, a sub-regional economic bloc.

Jul 28, 2017 09:31 IST
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Bolivia declares Total Independence from World Bank and IMFBolivia’s President Eva Morales in July 2017 declared that his nation has achieved “total independence” from the IMF and the World Bank.

President Morales declared the news on his official twitter account.

The socialist leader published his comments following a meeting with his peers at a gathering in Argentina of the Mercosur, a sub-regional economic bloc.

Morales’ tweet read,

"A day like today in 1944 ended Bretton Woods Economic Conference (USA), in which the IMF and WB were established. These organizations dictated the economic fate of Bolivia and the world. Today we can say that we have total independence of them."

On the other hand, President Morales accused world powers of intervening in oil rich nations such as Libya, Iraq, and Venezuela to “appropriate resources”. “As Mercosur countries or organizations of America, we can be complicit in a U.S. intervention in Venezuela,” he tweeted.

The President’s comments came as Bolivia begins its process of becoming a full member of the Mercosur, also called the Southern Common Market, which includes Argentina, Brazil, Paraguay, Uruguay and Venezuela.

As of now, Bolivia has served as an associate member along with Chile, Columbia, Ecuador, Guyana, Peru, Suriname.

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Background

Historically, Bolivia has relied heavily on the International Monetary Fund (IMF) for loans to fund their socialist government expenditures.

President Morales has even previously jibed that Bolivia's past dependence on the agencies was so great that the IMF had an office in government headquarters and even participated in their meetings.

President Morales became Bolivia’s first indigenous leader in 2006, and rose to power after the nation’s popular uprising known as “The Cochabamba Water War”, which occurred in 2000, and was waged against the U.S.-based Bechtel Corporation over water privatization.

The World Bank at the time, which was closely associated with the Bechtel Corporation, shed light on the growing debt issues facing the country through policy publications.

A report from teleSUR indicates that some of Bolivia’s largest resistance struggles in the last 60 years have targeted the economic policies carried out by the IMF and the World Bank.

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