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