Venezuela ? President Hugo Chavez announced Monday he would formally pull Venezuela out of the World Bank and the International Monetary Fund, a largely symbolic move because the nation has already paid off its debts to the lending institutions.

“We will no longer have to go to Washington nor to the IMF nor to the World Bank, not to anyone,” said the leftist leader, who has long railed against the Washington-based lending institutions.

Chavez made the announcement a day after telling a meeting of allied leaders that Latin America overall would be better off without the U.S.-backed World Bank or IMF. He has often blamed their lending policies for perpetuating poverty.