Tuesday, May 20, 2008

World Bank refuses loan or aid for Burma

A World Bank top official said the bank will not give financial aid or a loan to cyclone-hit Burma because of outstanding debts.

Managing Director Juan Jose Daboub said the World Bank was working with south-east Asian countries by providing technical support to assess damages in Burma and to help them to plan rehabilitation efforts.

But he said it was “not in a position to provide (financial) resources to Burma” because the military-ruled nation has been in arrears with the World Bank since 1998.

Mr Daboub’s comments come ahead of an aid donors conference in Yangon on Sunday to pledge funds for Burma, which has estimated that losses from the recent Cyclone Nargis exceeded US 10 billion (£5 billion).

--Source: ICWales

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