Maduro: "Venezuela is Not a Colony of the World Bank or IMF"
Venezuelan President Nicolás Maduro declared his country’s independence from the dictates of international financial institutions such as the World Bank and the International Monetary Fund (IMF). Speaking at the National Economic Council, he outlined key measures to strengthen Venezuela’s sovereignty and criticized leaders pursuing neoliberal reforms.
Maduro’s Statement
During his speech, Maduro emphasized Venezuela’s path to economic independence:
- “We are charting our own path toward economic sovereignty. Venezuela is not a colony of the World Bank or the IMF.”
He also criticized leaders like Argentina’s recently elected president Javier Milei for their economic policies: - “Clowns like Javier Milei are destroying their country’s economy.”
Alliance with ALBA and Cuba
Maduro reaffirmed Venezuela’s commitment to the Bolivarian Alliance for the Peoples of Our America (ALBA) and its alliance with Cuba:
- “Cuba knows it can count on us, just like all of Latin America and the Caribbean.”
This underscores Venezuela’s focus on regional integration and anti-colonial principles.
Key Economic Measures
At the National Economic Council meeting, Maduro announced plans to strengthen Venezuela’s economy:
- Development of 13 priority economic sectors.
- Appointment of officials responsible for key production areas.
- Import substitution: boosting domestic production.
- Creation of an investment and credit strategy.
- Strengthening tax collection: combating tax evasion.
Additionally, Maduro tasked the council with:
- Increasing revenue in convertible currencies;
- Improving the state procurement system.
Context
Venezuela’s economy has been under severe pressure due to sanctions, hyperinflation, and political isolation. Despite these challenges, the country continues to emphasize independence from international financial structures, promoting alternative models of development.
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