The Government of India has took loan to the tune of $5.6 billion dollars from global institutions to fight COVID-19, RTI has revealed. However, on what conditions these money was borrowed hasn’t been disclosed yet.
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The government has borrowed about $5.6 billion (Rs 41,746 crore) from international financial institutions and other countries during the current fiscal to battle the Covid-19 pandemic, RTI documents, in possession of Deccan Herald show.
The government of India has got sanctions worth Rs 52,246.32 crore loans from five foreign institutions, along with France and Japan to battle the effects of the coronavirus pandemic, as per a set of documents sourced from RTI activist Venkatesh Nayak.
The loans approved include credit facilities from the Asian Development Bank, the Asian Infrastructure Investment Bank, International Bank For Reconstruction and Development, International Development Association, New Development Bank, along with bilateral loans from France and Japan.
However, on what conditions these money was borrowed hasn’t been disclosed yet.
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Huge foreign loans are given to sovereign nations by the World Bank, IMF and the likes.
But the conditions that come attached to these loans are seldom told by governments to their citizens.
As reported by GreatGameIndia earlier, a case in Belarus exposed the conditions laid by these agencies for loans being provided for COVID-19.
The President of Belarus has exposed that the World Bank coronavirus aid comes with conditions for imposing extreme lockdown measures, to model their coronavirus response on that of Italy and even changes in the economic policies which he refused as being “unacceptable”.