Venezuela Pulling Out of IMF, World Bank

Bolivian President Evo Morales raised complaints about a World Bank body that mediates disputes between governments and foreign investors. He said governments never seem to win their disputes against transnational companies at the World Bank's International Center for Settlement of Investment Disputes.

Chavez suggested that Latin countries could instead create their own arbitration body for disputes with big companies.

Venezuela is not the only country in the region distancing itself from international lenders.

Nicaraguan President Daniel Ortega said Sunday that he hopes to "get out of that prison" of IMF debt and that "we are negotiating with the Fund to leave the Fund."

Ecuador's leftist president, Rafael Correa, recently asked the World Bank's representative there to leave and said the country paid off its debt to the IMF. Argentina also has paid back billions of dollars to the IMF.