Bank of the South: An Alternative to the IMF and World Bank

Washington, DC

Oct 23, 2007

(GMT-5)

With Rodrigo Cabezas, Minister of Finance in Venezuela, and Gustavo Guzman, Ambassador of Bolivia to the United States

Latin America has experienced an unprecedented long-term economic growth failure over the last quarter-century, at the same time that it has implemented a number of economic policies advocated by the IMF and World Bank. In recent years, the electorate in a number of countries has voted to reject these policies and has elected governments with an explicit mandate to change course on economic policy. These governments have been looking toward and in some cases implementing alternative economic strategies, including regional economic integration. This year, the governments of Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay, Venezuela, and now Colombia, have decided to form a new "Banco del Sur" as an alternative to the IMF, World Bank, and allied institutions. It is scheduled to be launched on December 9th. Minister Cabezas and Ambassador Guzman joined us to discuss the Bank of the South.

Audio:

Press Conference