No Data to Back Claim That India Owes $1,31,100 Mn to World Bank
An image on social media claims that India owes an amount of USD 1,31,100 million to the World Bank. The claim mentioned in the image further holds Prime Minister Narendra Modi-led government responsible for the alleged due amount.
The Facebook post had received an engagement of 7,700 shares at the the time of publishing this article.
WHAT DOES GOVERNMENT DATA SAY?
An answer, dated 20 July 2018 to a question raised in the 16th Lok Sabha session on the loans repaid by the government from 2004 to 2018, mentions that as of March 2018, India’s outstanding amount with the World Bank stood at $34,285.16 million.
While the government data has does not have a breakup of the due amount to be paid as of March 2018, it is not even remotely close to $1,31,100 million, as claimed in the viral post.
WHAT DO WORLD BANK RECORDS SAY?
The World Bank comprises of two major institutions, which are International Bank of Reconstruction and Development (IBRD) and International Development Association (IDA).
The IBRD is a global development cooperative owned by 189 member countries, which provides loans, guarantees, risk management products, among others to middle-income and low-income nations.
The financial institution of IDA makes developmental loans to the world’s poorest nations. It is one of the largest sources of assistance for the world’s 76 poorest countries.
Let’s first look at IBRD records:
The below table lists loans that the World Bank sanctioned to India for different projects, the amount disbursed by the bank, and the amount that has been repaid by India.
Now, let’s look at IDA records:
In the table given below, the loans sanctioned by IDA for different projects have not been fully repaid.
On adding up the IBRD and IDA data, the amount comes out to be over $15,560 million which is nowhere close to $1,31,100 million as claimed in the viral post.
(Not convinced of a post or information you came across online and want it verified? Send us the details on Whatsapp at 9643651818, or e-mail it to us at firstname.lastname@example.org and we'll fact-check it for you. You can also read all our fact-checked stories here.)
(Hi there! We will be continuing our news service on WhatsApp. Meanwhile, stay tuned to our Telegram channel here.)