World Bank Suspends Loans to Ivory Coast

[xtypo_dropcap]T[/xtypo_dropcap]he World Bank announced on Wednesday it is suspending loans to the Ivory Coast following the political deadlock in the country. The political situation in the country escalated after incumbent President Laurent Gbagbo refused to step down after losing recent elections. According to the World Bank, which is a vital financial source for developing nations, President Gbagbo “lost the elections and … needs to step down.” The World Bank closed its office in the Ivory Coast, according to a statement from the institution. U.N. Secretary-General Ban Ki-moon said on Tuesday the country is at risk of returning to civil war, according to the BBC. So far, more than 50 people have died as a result of violent clashes. The French government called on its 15,000 French citizens in the Ivory Coast to leave the country over fear that the situation will escalate, the BBC reported.