From Pakistan to Ukraine, many crisis-hit nations have been knocking on the door of the?World Bank?to get loans?to battle the respective adversities the countries are facing.
While?Ukraine?currently has a $10,077,737,094.36 repayment obligation towards the?World Bank,?Pakistan?owes $2,397,292,263.11 to the Ajay Banga-led organisation.
However, despite these massive loans, neither of the two nations is among the top 10 countries that are serving the biggest amount of loans to the World Bank.
So which are the countries that currently have the highest amount of loan from the World Bank? Let's find out.?
With a borrower's obligation of more than 2,000 crore dollars currently, India owes the most amount as loan repayment to the World Bank. Here's the list of 10 countries that are serving the biggest loans to be repaid to the World Bank (as per world bank data).
1. India
$20,712,853,300
2. Brazil
$15,872,819,482
3.Indonesia
$19,814,170,571
4.Mexico
$14,995,434,689
5.China
$15,559,862,065
6.Turkiye
$11,236,467,247
7. Argentina
$9,498,278,954
8.Colombia
$15,048,767,376
9.Philippines
$11,642,970,124
10.Morocco
$9,319,698,401
Also Read:?From Pakistan To Ukraine -List Of?Countries?That Are Facing Debt Crisis
Its the lending arm of World Bank group- International Bank for Reconstruction and Development (IBRD), who gives loans to countries.?The loans are public and are a publicly guaranteed debt extended by the World Bank Group. IBRD loans are made to, or guaranteed by, countries that are members of IBRD. IBRD may also make loans to IFC. IBRD lends at market rates.?
The loan amounts mentioned above are as per World Bank data updated on September 19, 2023.
Padma Shri recipient?Ajay Banga?got into the history books this year by?becoming the first Indian-American to be elected as World Bank President. The former Mastercard CEO, who was born in Pune, began his five-year term as?World Bank President on June 2, 2023. US President Joe Biden himself nominated Banga?for the role.??
Before Ajay Banga, these people had held the position of World Bank President in the past.
Name of World Bank President | Citizenship |
Eugene Meyer June 18, 1946 - December 18 1946 | ? ?US |
John J. McCloy? March 17, 1947 - June 30, 1949 | ? ?US |
Eugene R. Black July 1, 1949 - December 31, 1962 | ? ?US |
George D. Woods January 1, 1963 - March 31, 1968 | ? ?US |
Robert S. McNamara April 1, 1968 - June 30, 1981 | ? ?US |
A. W. Clausen July 1, 1981 - June 30, 1986 | ? ?US |
Barber Conable July 1, 1986 - August 31, 1991 | ? ?US |
Lewis T. Preston September 1, 1991 - May 4, 1995? | ? ?US |
James D. Wolfensohn June 1, 1995 - May 31, 2005 | ? ?US/Australia |
Paul D. Wolfowitz June 1, 2005 - June 30, 2007? | ? ?US |
Robert B. Zoellick-US July 1, 2007 - June 30, 2012 | ? ?US |
Jim Yong Kim-US President from July 1, 2012 - February 1, 2019 | ? ?US |
Kristalina Georgieva (Acting president)? ? 1 Feb 2019-8 April 2019 | ? Bulgaria |
David Malpass? April 9 2019-June 2023 | ? US |
Also Read:?Explained: Why All 13 Presidents Of The World Bank Have Been From US
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