On Facebook, a few users are claiming that for the first time in 62 years, India’s debt with the World bank is zero. In the post, Narendra Modi’s image is also being shared suggesting that it is due to the efforts of Modi. Let’s try to analyze the claim made in the post.
Claim: The current debt of India with the World Bank is zero.
Fact: As of June 30, 2019, India has a loan of USD 3273 million to repay. Hence, the claim is FALSE.
The World Bank’s IRDA (International Bank of Reconstruction and Development) and (IDA) International Development Association advance loans to the countries in need. The IRDA advances loans to middle and lower-income countries, whereas the IDA advances interest-free loans or credits and grants to the poorest of the countries.
India has a total standing loan of USD 3273 million with the World Bank. It has a loan of USD 3023 million with the IRDA and USD 250 million with the IDA. This can be seen here.
To conclude, India’s debt with the World Bank isn’t zero. As of June 30, 2019, it has a loan of USD 3273 million to repay.
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