World Bank May Boost Reserves to $500-Million

Associated Press

Representatives of the 151 member nations of the World Bank, the biggest source of aid to the Third World, are expected to approve an increase to $500 million of its reserves against possible loan losses, a bank official said Monday.

The official, who requested anonymity, said the increase was recommended by bank President Barber B. Conable.

The bank approves loans worth about $17 billion every year.

Eight countries are more than six months in arrears on their repayments to the bank, an unprecedentedly large number. They are: Nicaragua, Guyana, Liberia, Syria, Peru, Sierra Leone, Zambia and most recently, Panama.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
57°