US to Ban World Bank Loans to Countries Uncooperative toward UN Sanctions

Write : 2017-09-12 18:22:52 Update : 2017-09-12 18:23:50

US to Ban World Bank Loans to Countries Uncooperative toward UN Sanctions

The U.S. Congress is reportedly seeking to block countries that fail to implement international sanctions on North Korea from access to low-interest loans provided by the World Bank.
 
Radio Free Asia(RFA) reported on Tuesday that the World Bank Accountability Act of 2017, which conditions the provision of the World Bank’s cheap loans on the faithful implementation of the North Korea sanctions, will soon be put to a general vote at the U.S. House of Representatives.
 
The bill will enable the U.S. President, through the U.S. Treasury Secretary and U.S. board members of the World Bank, to pressure the bank’s affiliate, International Development Association(IDA), to refuse the provision of loans to countries deemed to be refusing to abide by the UN Security Council resolutions on the North.
 
The U.S. is the largest shareholder of the global bank and can in effect block its board from approving requested loans. 

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