Reports said that the Venezuelan President Hugo Chavez said he wants to pull his country out of the Washington-based lending organizations,the International Monetary Fund (IMF) and the World Bank (WB).

Chavez, who plans to create an alternative lending bank run by South American nations and funded in part with his OPEC nation's high oil revenue, said on Monday that Venezuela no longer needed the institutions dominated by U.S. "imperialism."

During a speech marking the International Labor Day today,Chavez blamed the organizations' decades-old economic recipes of tight budget control, privatizations and open markets for continued poverty across Latin America.