World Bank, IMF loans not universally welcomed

World Bank, IMF loans not universally welcomed

November 17, 2008

India has the opportunity to borrow $30 billion from the IMF, in addition to $9 billion over three years from the World Bank to help it cope with the financial crisis. Planning Commission deputy chairman Montek Singh Ahluwalia says of the IMF loans: “with reserves of $200 billion, we really don’t need this”. However, he said that the World Bank needs to go further.

The Nigerian lower chamber in the National Assembly, the House of Representatives, on Thursday asked the Nigerian federal government to reject a $3 billion World Bank loan offer, the official News Agency of Nigeria reported on Friday. Dino Melaye, a member of the House in a motion sponsored along with 77 others, said previous loans from the bank had not been judiciously utilized for the provision of infrastructure. Deputy Speaker Usman Nafada, said the loan offer was another trap cycle of modern economic slavery.

See also:“Meeting global commitments to provide development assistance … paramount” – World Bank on financial crisis

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The World Bank and IMF in Africa

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Published in: on November 18, 2008 at 9:06 am  Comments Off on World Bank, IMF loans not universally welcomed  
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