President Morales will travel to Venezuela to sign the agreement the will originate the Bank of the South (Banco del Sur)

by Rodrigo Acuña

President Evo Morales will travel to Caracas, Venezuela on November 2nd to sign the document that will originate the Bank of the South (Banco del Sur).

President Morales said the governments of Venezuela and Argentina came up with the idea of a financial organization with the purpose of ending South America’s dependency on the International Monetary Fund (IMF) and the World Bank (WB).

"This Bank will solve South America’s social problems and above all it will benefit all the so called underdeveloped nations", Morales said.

The head of state said that November 3rd will be the day when next to his colleagues Luiz Ignacio Lula da Silva from Brazil, Nestor Kirchner from Argentina, Alvaro Uribe from Colombia, Rafael Correa from Ecuador, and Hugo Chavez, all together, they will sign the document that will institute the Regional Financial Institution.

One day later the Bolivian President will visit the University of Saint Domingo in the City of Caracas, a university that will award him with the degree of Doctor Honoris Causa. The president will return to Bolivia on November 5th.

Bolivia joined officially the Bank of the South on March 11th, after signing an agreement with Venezuela’s President Hugo Chavez Frias.

The financial organization will start their operations by allocating part of each country’s international reserves.