DRC falls out with the World Bank at the cost of $1 billion

After the government abruptly liquidated the project fund, the World Bank has discontinued funding for more than $1 billion in humanitarian and development initiatives in the Democratic Republic of the Congo. According to the letter, $91 million had already been granted for the projects as part of the $1.04 billion total, but the bank was still awaiting paperwork on their development.According to his statement, the shift was caused by "the evolution of the legal framework governing public institutions." The World Bank's country chief of operations, Albert Zeufack, wrote in a letter dated May 12 that the agency learnt about the decision through the media."Before being able to continue to commit the project funds, the government and the World Bank should agree on transitional measures... in order to ensure that the funds are used for the intended purposes," he said via the letter. Before making a statement, a spokesman for the Congo's finance ministry said he needed to get consent from the president.Tina Salama, speaking on behalf of the administration, stated that the fund will be managed transitionally and that money would not be suspended. "I think arrangements have been made," she stated. She refused to answer questions regarding the $91 million. In a letter sent last week, four of Congo's leading opposition MPs asked the heads of the World Bank, the African Development Bank, and the International Monetary Fund to examine their finances there because they suspected misappropriation.