Chad declares war with Sudan
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World Bank freezes Chad's London account
World Bank freezes Chad's London account
8 minutes ago
The Chad government said its London escrow account for its oil revenues had been frozen as a result of its dispute with the World Bank, which suspended aid to the African nation last week.
"The government has just been informed of a letter dated January 6 ... addressed to Citibank, ordering it to suspend all transfers to Chad of oil revenues destined for our country," Chad's Finance Minister Abbas Mahamat Tolli said in a statement received by AFP.
"This measure is completely unjustified."
The move came after the World Bank last week suspended a package of 124 million dollars worth of loans and grants put in place to help Chad exploit its oil reserves under a seven-year-old accord marrying development and poverty alleviation.
The bank announced the aid suspension last Friday as punishment for Chad's attempt to sidestep loan provisions designed to ensure that oil revenues were managed for the benefit of poor Chadians.
In Washington, a World Bank official who asked to remain anonymous confirmed that the account was frozen as a result of "an automatic interruption of the flow of funds."
"It is an escrow structure set up at Citibank. The World Bank did not call up Citibank and say, 'Please block these funds,'" the official said.
"It simply notified Citibank as it notified the rest of the world that it had made a decision to suspend Chad from disbursements and from new lending and that status of suspension automatically triggered an interruption in the flow of certain funds inside that escrow structure in London."
The row between Chad and the World Bank deepened last month when Chad's National Assembly revised legislation governing the use of oil revenues, rewriting rules set by the bank as a condition for the funding package.
Under the Petroleum Revenue Management Law passed in 1999 -- the basis of the World Bank's support for the Chad-Cameroon pipeline project -- the bulk of Chad's oil revenues was to be directed to sectors such as health, education and rural development.
A Future Generations Fund was also created "to ensure there would be some benefits to the population once the oil reserves are exhausted," the bank said.
But under amendments unilaterally passed by the assembly on December 29, the definition of "priority sectors" was broadened to include administration and security.
The Future Generations Fund was also eliminated, allowing the transfer of more than 36 million dollars already accumulated therein to be transferred to the general budget, according to the bank.
Chad's oil is carried by a 1,000-kilometre (620-mile) pipeline linking the landlocked country's oil-rich south to Cameroon's Atlantic coast.
http://news.yahoo.com/s/afp/2006011...Z2FOrgF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl
World Bank freezes Chad's London account
8 minutes ago
The Chad government said its London escrow account for its oil revenues had been frozen as a result of its dispute with the World Bank, which suspended aid to the African nation last week.
"The government has just been informed of a letter dated January 6 ... addressed to Citibank, ordering it to suspend all transfers to Chad of oil revenues destined for our country," Chad's Finance Minister Abbas Mahamat Tolli said in a statement received by AFP.
"This measure is completely unjustified."
The move came after the World Bank last week suspended a package of 124 million dollars worth of loans and grants put in place to help Chad exploit its oil reserves under a seven-year-old accord marrying development and poverty alleviation.
The bank announced the aid suspension last Friday as punishment for Chad's attempt to sidestep loan provisions designed to ensure that oil revenues were managed for the benefit of poor Chadians.
In Washington, a World Bank official who asked to remain anonymous confirmed that the account was frozen as a result of "an automatic interruption of the flow of funds."
"It is an escrow structure set up at Citibank. The World Bank did not call up Citibank and say, 'Please block these funds,'" the official said.
"It simply notified Citibank as it notified the rest of the world that it had made a decision to suspend Chad from disbursements and from new lending and that status of suspension automatically triggered an interruption in the flow of certain funds inside that escrow structure in London."
The row between Chad and the World Bank deepened last month when Chad's National Assembly revised legislation governing the use of oil revenues, rewriting rules set by the bank as a condition for the funding package.
Under the Petroleum Revenue Management Law passed in 1999 -- the basis of the World Bank's support for the Chad-Cameroon pipeline project -- the bulk of Chad's oil revenues was to be directed to sectors such as health, education and rural development.
A Future Generations Fund was also created "to ensure there would be some benefits to the population once the oil reserves are exhausted," the bank said.
But under amendments unilaterally passed by the assembly on December 29, the definition of "priority sectors" was broadened to include administration and security.
The Future Generations Fund was also eliminated, allowing the transfer of more than 36 million dollars already accumulated therein to be transferred to the general budget, according to the bank.
Chad's oil is carried by a 1,000-kilometre (620-mile) pipeline linking the landlocked country's oil-rich south to Cameroon's Atlantic coast.
http://news.yahoo.com/s/afp/2006011...Z2FOrgF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl
Alright, I'll be the first one to say it. It's the white man's (with emphasis on American involvement) fault.
similar worldbank/imf shit went on in argentina and the reverse happened in Venezuela
they are tryin to pimp chad before they start gettin that oil money
chad is upset that they are getting far less than market rates for their oil
aka another world bank american corporation 3rd world rape job
they are tryin to pimp chad before they start gettin that oil money
chad is upset that they are getting far less than market rates for their oil
aka another world bank american corporation 3rd world rape job
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