Zimbabwe has paid back $650 000 in arrears to the African Development Bank (ADB), despite vast economic problems at home, as part of efforts to meet commitments to donors, the bank said on Monday. "Zimbabwe has in all paid $650 000 to the bank group despite numerous economic challenges," the bank said.
The African Development Bank (AfDB), the only multilateral development body specifically devoted to Africa, will add $1-billion to its portfolio of agricultural loans to help address the food crisis in African countries, the bank said on Saturday.
The World Bank and African Development Bank, acting over the turmoil in Kenya, said on Tuesday they may have to adjust lending programmes if unrest persists following a disputed poll. "We wish to continue working with the people of Kenya ... but it is difficult to do so effectively in an environment of instability," they said.
The head of the International Monetary Fund (IMF) gave a gloomy report on Saturday on prospects for the world economy to a dozen leaders debating how to respond to global financial turmoil. Dominique Strauss-Kahn told a high-powered forum that most of the downside risks to the world economy feared six months ago had now become reality.
