A social media post claiming India owes USD 1,31,100 million to the world bank is being widely shared. The post holds Modi responsible for the debt. Through this article, let’s fact-check the claim made in the post.
Claim: India owes USD 1,31,100 million to the world bank.
Fact: According to a Lok Sabha reply, dated 20 July 2018, as of March 2018, India’s outstanding loan with the World Bank stood at $ 34285.16 million. Moreover, as per the World Bank, as of 31 December 2021, India’s outstanding debt to IBRD & IDA, in regards to the various development projects stands at $ 18.6 billion and $ 0.72 billion, which adds up to $ 19.32 billion, which is much lower compared to the amount claimed in the viral post. Hence the claim made in the post is FALSE.
As per a Lok Sabha reply, dated 20 July 2018, India’s outstanding loan with the World Bank as of March 2018 stood at $ 34,285.16 million. This is much lower compared to the amount claimed in the viral post.
World Bank data regarding the loans and credits sanctioned to India through the International Bank of Reconstruction and Development (IBRD) and International Development Association (IDA) for different development projects shows that as of 2019, India’s borrower obligation (due to be paid) for IBRD & IDA stands at $ 9,712.86 million and $ 18,293.97 million, which adds up to $ 28,006.83 million. This means at the beginning of Narendra Modi’s second stint as PM, the total outstanding due to World Bank stood at $ 28,006.83 million.
However, according to another data set the as of 31 December 2021, India outstanding due to IBRD & IDA, in regard to the various development projects approximately stands at $ 18,581.96 million and $ 722.4 million, which adds up to $ 19,304.36 million, which is much lower compared to the amount claimed in the viral post. Moreover, this shows that in two years (i.e. 2019-21) a significant amount of due is cleared.
While there are reports (here & here) of India borrowing from the World Bank during the COVID-19 pandemic, the data on outstanding dues to be paid to the World Bank shows the amount is not as high as claimed in the post.
To sum it up, India does not owe $ 1,31,100 million to the world bank; No data to substantiate the claim.
