IMF Halts Funds to Central African Bank In Fraud Concern |
|
July 13, 2010
The International Monetary Fund has halted disbursements to the regional bank used by oil-producing nations in Central Africa because of persistent concern about fraud, Fund and other officials said.
The International Monetary Fund has halted disbursements to the regional bank used by oil-producing nations in Central Africa because of persistent concern about fraud, Fund and other officials said.
The step was taken after the Washington-based global lender judged the Bank of Central African States (BEAC) had failed to clear up concerns over its accounts that surfaced during an investigation into irregularities at its Paris office last year.
Congo Republic and Central African Republic will feel the first impact from the move. Reviews of their eligibility for IMF loan programmes disbursed through the BEAC will be suspended until the bank addresses the concerns, meaning the countries may not be able to receive the cash.
Related Links
