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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (32356)	4/22/1999 7:07:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116764

Now imagine they want to sell gold, than spend it... World Bank Says Up to $2 Bln Needed by Albania, Macedonia to Aid Refugees World Bank Says Up to $2 Billion Needed for Albania, Macedonia Washington, April 22 (Bloomberg) -- Macedonia and Albania may need up to $2 billion in aid from the World Bank and International Monetary Fund to cope with the flood of refugees from Kosovo, the World Bank's president said. The aid will have to be ''very significant'' and ''will require attention from the world community,'' said James Wolfensohn. ''I think you're talking about a $1 (billion) to $2 billion framework, even assuming you get a resolution to the crisis in the next month or two.'' The conflict in Kosovo will dominate discussions tomorrow and through the weekend when more than 40 heads of state come to Washington to commemorate the 50th anniversary of the founding of the North Atlantic Treaty Organization. The effects of the bombing campaign will also be high on the agenda of next week's meetings of the World Bank and IMF boards, IMF Managing Director Michel Camdessus said yesterday. Wolfensohn's $1 billion to $2 billion aid estimate doesn't include funds that will have to be given to surrounding countries, whose economies have been hit by a dropoff in trade since late March. That's when NATO bombers began attacking Serbia to force Yugoslav President Slobodan Milosevic to end his repression of ethnic Albanians in Kosovo, withdraw Serb troops from the province, allow refugees to return and accept an international peacekeeping force. Bulgaria, Romania Countries that may be in line for aid include Bulgaria, Romania, Croatia and Bosnia, in addition to the Republic of Yugoslavia and Kosovo, Wolfensohn said at a press conference. The European Bank for Reconstruction and Development has warned that the war in Kosovo will slash growth for countries bordering Yugoslavia, partly because investors may shun the region. One hint of the cost of rebuilding the war-torn area is the experience of Bosnia. After peace accords were signed ending the civil war in December 1995, the World Bank, the IMF and several European Union donors pledged $5.1 billion to help reconstruct the country. The IMF and World Bank may need to lend more than $10 billion to the region, the Financial Times reported today, citing preliminary estimates by the two institutions. The U.N. High Commission on Refugees will also host a gathering April 27 in Washington, where donors, including the World Bank and IMF as well as leading industrial nations, will meet. NATO planes destroyed one of Milosevic's residences Milosevic yesterday. Milosevic wasn't in the house and wasn't the target, NATO officials said. At the same time, NATO moved a step closer to a possible ground troop invasion of Kosovo. Milosevic's house was attacked because it was being used for ''command and control'' purposes, U.K. Armed Forces Minister Doug Henderson said. ''The military machine is the target. There are no other targets,'' Henderson said at a briefing for reporters. ©1999 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.