World Bank suspends payments - Ivory Coast

[dArKeR]

Abidjan - The World Bank announced on Wednesday that it will suspend payments to Ivory Coast over unpaid arrears owed by the world's top cocoa producer.

World Bank spokesperson Bakary Saonogo said Ivory Coast has failed to make payments worth $20.5m on loans granted to the west African state over the last several decades.

World Bank statistics from April last year show $767.6m in net loans to Ivory Coast, with a total undisbursed balance of $335m.

Countries are normally asked to service their World Bank loans every 15 days, but Ivory Coast has failed to do so for 60 days, Sanogo told AFP, resulting in the temporary suspension of disbursements.

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