WB credit for Vietnam

HANOI: The World Bank (WB) has granted Vietnam a $100 million credit for poverty reduction and economic reform. The credit will be used to support the government’s efforts to gradually shift to a market economy, maintain sustainable development and build modern governance. Several bilateral and multilateral donors have offered financing and parallel lending to support Vietnam’s efforts to reduce poverty. — AFP

Biman refuses to pay

DHAKA: Bangladesh’s flag carrier Bangladesh Biman has refused to pay its fuel bills worth $2 billion to the state-owned Bangladesh Petroleum Corporation. Biman MD M A Momen communicated the company’s inability to pay during a meeting with Mahmudur Rahman, advisor to the energy ministry. The ball is now in premier Khaleda Zia’s court. — HNS

China warns lenders

SHANGHAI: China’s banking czar has warned banks to heed calls to restrain surging lending. The comments reflect China’s growing nervousness over runaway investment and soaring bank lending that regulators say could lead to a financial crisis. In the first quarter of this year, new local currency loans exceeded half of the central bank’s annual target. — AP