World Bank, AfDB halt operations in Mali after military take-over

The World Bank and the African Development Bank (AfDB) have both suspended their operations in Mali following an army mutineers announced take-over of the reins of governance in the country March 22, 2012.

The Constitution of the West African nation has also been suspended by the mutineers.

“Our development operations are suspended, with the exception of emergency assistance,” the World Bank and AfDB said in a joint statement.

We will continue to monitor the situation closely, the statement added.

They also joined the African Union and the ECOWAS in condemning the military coup, urging a “speedy resolution” of the crisis.

The two financial institutions also called for the restoration of Mali’s constitutional government to preserve the development gains of the country and its people.

According to them, Mali had in recent years made steady economic and social progress, and strengthened its democratic governance.

The country was in the final stages of its preparation for democratic elections scheduled to take place next month.

By Ekow Quandzie