East Timor to join IMF, WB

East Timor to join IMF, WB

WASHINGTON: East Timor, the world's youngest nation, was due
to join the International Monetary Fund (IMF) and World Bank on
Tuesday, the lending institutions said.

At a Washington ceremony, Prime Minister Mari Alkatiri was
scheduled to sign the Articles of Agreement for the Asian country
of 800,000 people to join the twin organizations.

East Timor became a sovereign state, the Democratic Republic
of East Timor, on May 20 after four centuries of Portuguese
colonial rule and 24 years of Indonesian occupation.

East Timor will have access to more than $440 million pledged
by over 25 nations over three years for programs to fight poverty
and promote economic growth, the World Bank said in May.

The U.N. Development Program rates East Timor as among the
poorest countries, on par with Angola, Bangladesh and Haiti.

East Timor's per capita income is $478, and nearly half the
population survives on less than 55 cents a day, says the UNDP.
More than half of all adults are illiterate, over half of infants
are underweight and the average life expectancy is 57 years. --
DPA