March 23, 2012 / 6:08 AM / 6 years ago

World Bank, African Development Bank suspend Mali funds

WASHINGTON (Reuters) - The World Bank and African Development Bank on Thursday 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-old 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 recognize the junta.

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