The World Bank announced in a statement Friday to suspend some of its aid programs to Mali after the military overthrew the regime of President Amadou Toumani Toure.
"Our cooperation programs have been suspended, except emergency aid. We shall continue to monitor the situation," the statement said.
The World Bank and the African Development Bank (AfDB) have condemned the military coup and have called for a quicker resolution of the crisis and a re-establishment of the legitimate government in order to safeguard the country's development achievements.
The National Committee for Redressment of Democracy and Restoration of the State (CNRDR) said Thursday morning through the Malian radio and television that Toure's regime had been overthrown.
"With this overthrow, the Constitution has been suspended and republican institutions have been dissolved," said lieutenant Amadou Konare, spokesman of the committee.
He also announced that an inclusive government of national unity will be formed soon to organize elections as soon as possible.
According to a loyalist military source, Toure is currently in a military camp from where he is leading his soldiers.
The United Nations, the African Union, the Economic Community of West African States (ECOWAS) as well as a number nations including the United States, France and Nigeria condemned the coup in the West African nation, calling for the return of democracy.
Meanwhile, the U.S. State Department has said that it will review its annual aid worth over 100 million U.S. dollars to Mali after soldiers staged a coup in the country.
The rebel soldiers announced through Malian radio and television at 4:40 a.m. local time on Thursday that they stormed the presidential palace, arrested some of the government ministers and toppled Malian President Amadou Toumani Toure.
They declared a curfew in the country and the suspension of the governmental institutions, saying that an inclusive government of national unity would be formed to organize fresh polls as soon as possible.