29 Nov 2018
The impoverished state of Central African Republic landed a windfall on Tuesday, at least on paper, when Russian state bank VTB reported it had lent the country $12 billion — but the bank then said it was a clerical error and there was no such loan.
The loan was mentioned in a quarterly VTB financial report published by the Russian central bank. The report included a table listing the outstanding financial claims that VTB group had on dozens of countries as of Oct. 1 this year.
In the table next to Central African Republic was the sum of 801,933,814,000 rubles ($12 billion) — more than six times the country’s annual economic output.
– By Tatiana Voronova, Elena Fabrichnaya, Reuters, 27 November 2018.
Link to Reuters.
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet