World Bank Plans to Boost Gulf Aid
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LONDON — The World Bank said Thursday it expects to channel an extra $4 billion over the next two years to countries hard hit by the economic fallout of the Persian Gulf crisis.
Alex Shakow, director of external affairs for the bank, said the extra cash would be meant to cushion social and economic disruption caused by the crisis.
Increased funds, generated either by speeding up payments or by increased allocation of resources, would be aimed primarily at the three “front-line states”--Egypt, Jordan and Turkey--and at nations in Eastern Europe and the Indian subcontinent.
The World Bank, together with the International Monetary Fund and major industrialized nations, has campaigned for increased funding for countries hit by spiraling oil prices or a sudden drop in remittances by expatriate workers.
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