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Chadian Lawmakers Relax Oil Money Controls Over World Bank Protest


Lawmakers in Chad have voted to relax controls on the use of the country's oil revenue despite objections from the World Bank.

The new legislation abolishes a fund that reserved 10 percent of oil revenue for future generations.

It also doubles the share of revenues to be made available to the public treasury and makes security one of the priority sectors where the money can be spent.

World Bank President Paul Wolfowitz said in a statement Thursday the legislation is a material breach of the original agreement the bank made with Chad. He says it harms the well-being of Chad's poorest and most vulnerable citizens.

The bank provided money for Chad's oil industry with the condition that the central African nation use the profits to reduce poverty.

Some information for this report provided by AFP and Reuters.