Fin24

Mali's development funds suspended

2012-03-23 11:11

Washington - The World Bank and African Development Bank condemned the military coup in Mali and suspended project financing to the West African country, the institutions said in a joint statement on Thursday.

"Our development operations are suspended, with the exception of emergency assistance," the institutions said, calling for a speedy resolution of the crisis.

The overnight mutiny by low-ranking soldiers toppled President Amadou Toumani Toure's government. The soldiers were angered by the government's failure to end a two-month separatist rebellion in the north of the West African country.

The statement by the World Bank and African Development Bank followed a move by the regional decision-making body Ecowas, which said it would not recognise the junta.