WORLD BANK: World Bank places credits to Union of Myanmar in non-accrual status.

M2 Presswire, September, 1998

M2 PRESSWIRE-7 September 1998-WORLD BANK: World Bank places credits to Union of Myanmar in non-accrual status (C)1994-98 M2 COMMUNICATIONS LTD RDATE:020998 Effective September 2, 1998, the World Bank has placed all credits to the Union of Myanmar in non-accrual status. This action was in accordance with the Bank's established policy of placing all its loans and credits to, or guaranteed by, a country in non-accrual status if payment on any loan or credit is overdue by more than six months.

At the date of this action, credits from the International Development Association (IDA), the Bank's concessional lending arm, to the Union of Myanmar totaled US$719.92 million equivalent as of July 31, 1998, with total arrears of US$14.02 million equivalent as of...