Fact Check: Has India paid all its dues to World Bank?

Posted on 2019-10-22 15:42:31 by Anubha Pandey

Summary

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A message along with an image has gone viral on social media which claims that under the NDA government India has paid all its dues to World Bank. The image appears to be a screenshot of a tweet by Syed Akbaruddin, India’s Ambassador to the United Nations.

In his tweet, India’s ambassador to the UN has put out a list of nations who have cleared all their dues to the UN, as of now.

However, a false narrative is being promoted by claiming that India has paid its dues to the world bank, which is nowhere mentioned in the tweet by Syed Akbaruddin.

A twitter user named Manojava Gururaj Galgali reshared this tweet with a caption, “Full settlement is done at UN by India (World Bank Loan) who is that fellow who was talking about some economic slowdown in India? #UNLoanCleared #ModiHaiToMumkinHai.”

He further tweeted with a caption, "For 70 years India was the biggest borrower at the World Bank, once every Indian born was a debtor, the things which great economists couldn't do, a chaiwala did it, he changed India's & Indian's fate, @narendramodi did it in just 6 years as PM #UNLoanCleared #ModiHaiToMumkinHai.”

The tweet was reshared by a bunch of other people on twitter and as well as Facebook.

The Truth

As Syed Akbaruddin stated in his tweet, the list in the image does not show those countries who have no outstanding debt to the World Bank or those countries who have cleared their dues to the World Bank. Instead, the image shows those 35 countries who have paid all their dues to the UN as on October 11, 2019.

This shared picture was part of a presentation made on the UN’s financial situation, Under-Secretary-General of the UN – Catherine Pollard –.  The picture of the slide was shared by Mr. Akbaruddin as India is part of this list. The presentation can be downloaded here

The UN is a multilateral organization that is funded through the contributions of its members. On the other hand, the World Bank is a multilateral financial institution.

After the UN’s Secretary-General, Antonio Guterres said that the organization is cash-strapped, the finances of the UN have been in the news, facing its most severe cash crisis in nearly a decade.

35 countries including India have cleared all its dues to the UN under three budgetary areas:

  • Its regular budget
  • Its financial assessment of peacekeeping operation
  • Its financial assessment of tribunals

India has not repaid all the dues to the world bank

And talking about World Bank, according to latest data as of September 30, 2019, India’s total due to the International Bank of Reconstruction and Development (IBRD) and International Development Association (IDA), organizations under World Bank is:

  • India has $14.45 billion due to the IRDB from 126 projects
  • India is receiving just above $800 million and 200 million XDR (special drawing rights) from the IDA over 21 projects

Ref: finances.worldbank.org

Hence, it can be concluded that Mr. Akbaruddin has tweeted membership dues of the UN which is being misrepresented on Social Media.



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