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In a bid to diminish the power of the US-dominated IMF and counterbalance the influence of Western investors, seven Latin American countries have agreed to form a “Bank of the South.”
Seven South American leaders — representing Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay and Venezuela — signed an agreement to launch the development lending institution, a project first floated in 2007, with a startup capital of $20 billion.
The plan aims to give the regions a greater voice at international organizations like the International Monetary Fund (IMF), which is seen by many Latin American leaders as an institution that allows wealthy Western countries, particularly the United States, to exert undue influence on the region.