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Future of $2 billion WB loans uncertain
The future of the remainder of India’s $2 billion in World Bank loans is extremely uncertain as bank officials said they could suffer the same fate as the recently postponed $865 million loans. Even though the projects are technically sound, the World Bank board could indefinitely postpone all pending loans or even put them on hold. Although bank officials refused to reveal the members who blocked the passing of the recent loans, US Treasury Secretary James Rubin said he had the support of the EU countries in this move. The fate of the pending $2 billion will be decided by the bank board by the end of June when the bank financial year closes.