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Article: World Bank says dispute with Chad triggered an automatic freeze of its oil revenues
- Article from:
- AP Worldstream
- Article date:
- January 13, 2006
- Author:
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ABAKAR SALEH, Associated Press Writer
AP Worldstream
01-13-2006
Dateline: N'DJAMENA, Chad
The World Bank's dispute with Chad over unilateral changes in their agreement on the use of oil revenues triggered an automatic suspension of the country's oil funds that have been deposited at a commercial bank, an official said Friday.
The dispute began after Chad's National Assembly passed the legislation making major changes to a World Bank agreement on the allocations of oil revenue, including abolishing a fund set aside to fight poverty in the country after oil wells ran dry.
The World Bank had helped finance oil industry infrastructure in Chad after the country agreed to observe stringent rules on ...
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