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Context of 'October 2004: Venezuela Ignores Advice from IMF, Uses Oil Revenue to Fund Social Programs'

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Hernan Siles Zuazo is defeated in Bolivian elections by Paz Estenssoro, who promptly moves to curb the extremely high inflation levels, which at one point reach 35,000 percent annually. He imposes austerity measures under pressure from the International Monetary Fund (IMF) in exchange for temporary relief of Bolivia’s large foreign debt. [Library of Congress, 1991; Green Left Daily, 7/24/2002]

Entity Tags: Victor Paz Estenssoro, Hernan Siles Zuazo

Timeline Tags: US-Bolivia (1951-2000)

During the World Bank’s annual meeting, the Bank and the International Monetary Fund (IMF) pressure Haiti to sign a letter of intent assuring the US, IMF, and other donors that Haiti would proceed with the Structural Adjustment Program that President Aristide had agreed to in August 1994 (see August 1994) before he was restored to power by a US-led multinational force. Haiti, whose parliament and population are strongly opposed to the neoliberal reforms, refuses to sign the letter. [Multinational Monitor, 11/2004]

Entity Tags: World Bank, International Monetary Fund, Smarck Michel, Jean-Bertrand Aristide

Timeline Tags: Haiti Coup

Rodrigo Rato, the new managing director of the International Monetary Fund (IMF), urges oil producing countries to save the extra revenue generated from high oil prices. Venezuela, the world’s fifth largest oil exporter, shuns the advice and continues to use its oil revenue to fund literacy, health, and other social programs. In addition to the money that Petroleos de Venezuela, the country’s state oil company, contributes to the government, the company directly funds and administers another $3 billion in social projects. [BBC, 11/24/2004]

Entity Tags: Venezuela, International Monetary Fund, Rodrigo Rato

Timeline Tags: US-Venezuela (1948-2005)

The International Monetary Fund is reportedly given the opportunity to review the latest draft of Iraq’s proposed oil law. The draft was sent to the US government and oil companies in July (see July 2006). [Independent, 1/7/2007]

Entity Tags: International Monetary Fund

Timeline Tags: Iraq under US Occupation

The International Monetary Fund (IMF) approves a $2.1 billion loan for Iceland, whose economy has been devastated by the global financial crisis. Iceland becomes the first Western European nation to get an IMF loan since Britain in 1976. [BBC, 2/2/2009]

Entity Tags: International Monetary Fund

Timeline Tags: Global Economic Crises

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