World Bank: India has received three loans of about $2.5 billion to fight the global pandemic that has been hitting India very badly. On Tuesday, Government told in Rajya Sabha stating that all Indian states and union territories will be benefitted from the loans that are provided by the World Bank shortly after India announced a nationwide lockdown and implied curbs to stop the infection spreading in a large number of population.
Three loans were provided by World Bank to India
Anurag Thakur revealed that the first loan was sanctioned on April 3. The world bank extended it helps in the form of loans to partly finance India’s measures to prevent, detect and respond to the threat that this outbreak has on India due to it’s a large population. The loan is also provided to strengthen national public health measures. Around 502.5 million has been paid out for different facilities of total of $1 billion (1st loan).
Loans were sanctioned in April after pandemic hit India
The second loan relating to social protection which is worth $750 million was signed on May 15, was sanctioned as budgetary support to help the Indian Government for ‘Accelerating India’s Covid-19 Social Protection Response Programme’. This would support the relief measures under Pradhan Mantri Garib Kalyan Package (PMGKP). Thakur added that the second loan has been fully disbursed.
The third loan was passed to boost economic inducement. It was signed on July 6, 2020 and is worth $750 million which would provide assistance to the Government Of India as budgetary support to MSMEs under the Aatma Nirbhar Bharat Package (ANBP).
India has now become the second worst-hit nation due to coronavirus outbreak and third worst- hit in terms of deaths reported. India has reported over 5 million positive infected cases and around 82,000 deaths. Trials of three vaccines for Covid-19 are being going on in India and it is expected that the vaccines could be made available in the starting of next year.