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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
STARRED QUESTION NO: 352
ANSWERED ON:  10.08.2018
Assistance Provided by World Bank/IMF
ASHOK MAHADEORAO NETE
Will the Minister of



FINANCE be pleased to state:-


(a) the details of schemes/projects being run with the financial assistance/loans provided by the World Bank, International Monetary Fund (IMF) and such other agencies during the last three years and the current year in the country, especially in the backward and rural areas, project, location and State/UT-wise;

(b) the details of the proposals received by the Government from the States/UTs for setting up some more projects with World Bank assistance during the above period;

(c) the number of such projects pending with the Government for sanction and the reasons for delay in this regard; and

(d) whether any special conditions have been imposed on these financial assistance/loans and if so, the details thereof along with the annual rate of interest being paid thereon?


ANSWER
MINISTER OF FINANCE
(SHRI PIYUSH GOYAL)

(a) to (d) A Statement is laid on the Table of the House.

Statement referred to in repl¬y to Lok Sabha Starred Question No. 352 due for reply on 10.08.2018.

(a) to (d): IMF does not fund any development project/ scheme. State/UT-wise details of schemes/projects being run with the financial assistance/loans provided by the World Bank, and other multilateral agencies i.e. ADB, AIIB and NDB during the last three years and the current year in the country are at annexure I. The externally assisted projects are implemented at the National and/or State include backward and rural areas as well. The proposals received from State Governments/UTs for external assistance are first screened by a Screening Committee in Department of Economic Affairs and are subsequently posed to one or more of the multilateral agencies depending upon the nature of the project, funding mandate/ preferences of the multilateral agencies and project size. Once the proposal is posed to a particular multilateral agency, the decision to fund or otherwise is taken by that concerned agency. The loan approval/sanction is then issued by the concerned funding agency.

The details of proposals for World Bank assistance received during the above period are at annexure II. Out of the 130 proposals so received for World Bank assistance, 93 proposals have been posed to the World Bank after consultation with relevant stakeholders. Remaining 37 proposals have also been placed before the Screening Committee. In some, stakeholders’ consultations have been recommended after the screening.

The World Bank agrees to lend to the borrower as per the standard terms and conditions of the loans provided by the World Bank. The loan agreement signed with the Government, includes an agreed action program to be implemented over the life of the loan. Specific loan terms are described in the agreement. The borrowers pay the Bank, for all loans negotiated under variable spread system, a standardized floating interest rate based on LIBOR, plus an additional spread predetermined by the Bank and also taking into consideration average maturity of the loan (as selected by the borrower).


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