Iran denies missing World Bank payments, blames sanction

July 21, 2013 16:34

DUBAI - Iran denied on Sunday it had failed to make payments on its loans to the World Bank for the last six months, blaming Western sanctions for preventing an intermediary from forwarding funds to the global lender, Iran's IRNA state news agency said.

The World Bank said on Thursday it was placing Iran's loans in non-performing status as Tehran had not paid back any of the money it owed for more than six months.The designation from the World Bank, often a lender of last resort to cash-strapped governments, means Iran will be ineligible for any new World Bank funds and may find it even harder to get money from commercial creditors.

Iran owed the bank $697 million on June 30, of which $79 million was overdue.

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