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WB loans may record $35b this year
WASHINGTON. Sept 16. New lows by the World Bank could reach a record 35 billion dollar thia year, with 2.5 billton dollar or more tor. the republics of the former Soviet Unlort, officials said Tuesday, reports AP
The bank's report for the year ending June 30 showed no lending to Russia or the other republics. In August Russia borrowed 600 million dollar to help improve health, food supply, transport and other production — the first loan to go to any of the 15 new countries.
"Within two years. It could rise to an annual figure of 4.5 billion dollar to 5 billion dol lar" predicted Tim Cullen, chief spokesman of the bank
Last year 1,777,100.000 dollar went to Albania. Bui gurta. Hungary. Czechoslovakia. Poland and Romania, also emerging from Communist systems
‘Certainly the needs arc tremendous In all those coun tries In eastern Europe.” Cullen said
China was the biggest borrower of the year. After the government's 1989 crackdown on the movement toward democracy, new loans to China dropped to an annual 590 mil lloa dollar. But last year they were up to 2,526.300,000, dollar.
The World Bank is the biggest source of aid to the Third World. The United States holds the largest block
of shares among the 167 members
Bank officials have promised that despite the needs ol the area shifting away from Communism, they will not reduce help to the rest of the world in need.
They made a profit of 1,645 billion dollar last year and plowed it back Into operations Because of repayments by such now-affluent countries as Australia and South Korea, since 1987 more money has been flowing back into the bank than It lends out
New commitments last year through the bank's major lending window dropped to 15.156.000,000 dollar the lowest level since 1988 The bank blamed that on a variety of causes
Speeded up lending the year before almost emptied the pipeline (or Eastern Europe
Big operations In Algeria and Egypt were delayed
India and Pakistan two of the biggest borrowers, (ailed to get agreement at home on their programmes This win dow of the bank has commit ted over 8 billion dollar during the last decade that they have been unable to spend
Such money is lent al Inter est rates close to those offered by commercial banks although World Bank borrowers get much longer to repay The current rate Is 7.6 per cent
Member governments have decided to try to boost this
lending to between 25.5 billton dollar and 28 5 blllton dollar by June 20. 1993
For the poorest countries, there was an Increase In money committed last year These loans by the banka International Development Association (IDA) rose to 6.550.000.000 dollar from 6,293.000.000 dollar the year before They arc expected to be about the same this year
They bear Interest at less than one per cent and are re payable over 40 years Mostly they go to countries where the average income Is two dollar a day or less
Population btnm hits GDP in Africa
AFP reports: A population boom dampened the benefit of a 2 4 per cent rise in Africas Gross Domestic Product (GDP) In 1991. the World Bank said in fuesday
Africa s Sub Sitharan popula Uon grew by 3.2 per cent be tween 1980 and 1989. allow Ing only a 0 6 pet cent growth injx-r capital GDP. the World Batik said The population boom worsened the cont! nent's woes. Including poverty starvation aids and malaria
The numbers of poor In Sub-Saharan Africa has grown from 1991 million to 228 mil Hon since 1985
In most African countries, exports grew by 2 6 per cent and Imports by 3 5 per cent In 1991
But tn Nigeria, the most heavily-populated country In Africa, the GDP grew by about ftve per cent. But slipping monetary and budgetary disci pllne and political instability undermined this growth.
The Wqrld Bank said in its report that the Nigerian gov eminent's economic adjust ments and Its agreement in January to reduce Its 5.3 bil lion dollar debt promise re suits In 1992
The GDP of the Sub-Saharan countries In northwestern Africa grew at two per cent, below the 2.7 per cent average of the last decade.
In the Ivory Coast, the GDP fell by two per cent, the fifth straight year of GDP decline was caused by a weakening of the >urrency
Botswana grew at 8.7 per cent Mauritius at ftve per cent the strongest performances In Africa
The report noted that boy cotta have ended against South Africa, where the GDP totals half of al) the Sub Saharan economics put together
The bank welcomed the ef forts of the Central African Union and the western African monetary union toward eeo nomlc integration
The bank urged thal more responsibility to be given to women, who produce 80 per cent of Africa's agricultural produce.
Ap adds: The World Bank In the coming year will urge South Asian countries — home for half of th? world's poor people — not only to decontrol and privatise business but also to spend foreign aid faster, says the banks Vice President for the region.
'It was a surprise to me and perhaps will be a surprise to you that South Aslan govern ments ‘are sitting on" about 18 billion dollar In World Bank funds authorised for projects the past decade but still undis bursed. said Vice President Joseph Wood. He appeared at a news briefing on the Bank s 1992 annual report released Tuesday night
Wood, an American, took over the region made up of India, Pakistan. Bangladesh. Afghanistan. Bhutan. Nepal, and Sr1 Lanka last December when the Bank separated those countries from its renamed East Aslan and Pacific Region.
The seven countries contain one fifth of the global popula tlon and half of the world s people living under the poverty line set by the World Bank at a monthly income ranging between 23 dollar and 3) dollar at 1985 prices. Their governments "will be under even more pressure tn the 199Os to deliver rising standards of living.’ the report said