Jun 11, 1999|
US Senate approves lifting of sanctions for 5 years
The US government has voted to suspend economic sanctions on India and Pakistan for a period of 5 years. The ban however, on nuclear and military technology sales will continue.
Both India and Pakistan came under fire after each country tested nuclear devices in May last year. The immediate fall-out was the imposition of economic sanctions by the United States government. Incidentally, the US government is bound by law to impose broad-based sanctions on any 'non-nuclear' country that explodes a nuclear device.
The Bill for easing of sanctions on both countries was attached to a defence budget bill passed overwhelmingly last Tuesday, Republican Senators Sam Borwnback and Pat Roberts, said in a joint press conference. The President of the United States and the House of Representatives are yet to give their crucial approval to this bill.
The bill if passed, will allow loans and financial assistance or technical assistance by international financial institutions, including the World Bank, to resume funding for India's infrastructure projects. The World Bank had so far withheld India's loan requests for US$ 1.2 bn.
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