Tuesday, June 3

India changing image from aid-taker to aid-giver

Indian Govenment has decided to prepay outstanding bilateral debt worth
Rs 7,490.77 crore to 14 countries. India will now receive aid only from
five countries, including Japan, the US, the UK, the European
Commission and the Russian Federation. The 14 countries whose bilateral
aid will be prepaid, comprise the Netherlands, Canada, Sweden, Italy,
Denmark, Belgium, Austria, Kuwait, Spain, Switzerland, Saudi Arabia,
Australia, Russian Federation, Czech and Slovak.

India is also planning to extend his help to other developing nation
and giving concession to those who have already taken the debts from

India on Monday has one of the largest foreign exchange reserves
among all countries in the world at over $ 80 billion. India also has
one of the world's fastest growing economies. The country has been
reducing its reliance on official development assistance over the
years, preferring to attract greater private capital inflows and trade
- Times Of India
This decision is not supposed to affect the aid programmes of
multilateral institutions like the World Bank and the Asian Development
Bank and the United Nations.
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