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The World Bank's Action on Burma la
- Subject: The World Bank's Action on Burma la
- From: moe@xxxxxxxxxxxxx
- Date: Wed, 01 Dec 1999 00:33:00
Subject: The World Bank's Action on Burma last year
NEWS RELEASE
News Release No. 99/1930/EAP
Contacts:
Andrea Beckwith (202) 473-4051
Peter Stephens (202) 458-2281
Fax: (202) 522-3405
WORLD BANK PLACES CREDITS TO UNION OF MYANMAR IN NON-ACCRUAL
STATUS
Washington, September 4, 1998 ? Effective September 2, 1998, the World
Bank has placed all credits to the Union of Myanmar in non-accrual
status.
This action was in accordance with the Bank?s established policy of
placing all its loans and credits to, or guaranteed by, a country in
non-accrual status if
payment on any loan or credit is overdue by more than six months.
At the date of this action, credits from the International Development
Association (IDA), the Bank?s concessional lending arm, to the Union
of Myanmar
totaled US$719.92 million equivalent as of July 31, 1998, with total
arrears of US$14.02 million equivalent as of September 2, 1998.