World Bank May Boost Reserves to $500-Million
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WASHINGTON — Representatives of the 151 member nations of the World Bank, the biggest source of aid to the Third World, are expected to approve an increase to $500 million of its reserves against possible loan losses, a bank official said Monday.
The official, who requested anonymity, said the increase was recommended by bank President Barber B. Conable.
The bank approves loans worth about $17 billion every year.
Eight countries are more than six months in arrears on their repayments to the bank, an unprecedentedly large number. They are: Nicaragua, Guyana, Liberia, Syria, Peru, Sierra Leone, Zambia and most recently, Panama.
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