India to urge World Bank to reconsider $20 billion bailout package for Pakistan

India Today

India plans to urge the World Bank and the Financial Action Task Force (FATF) to take action against Pakistan’s economy, which relies heavily on loans and bailouts. Sources say India will request the World Bank to reconsider its anticipated approval of a $20 billion package for Pakistan in June.

Transcript

00:00We are learning that the government of India is all set to take up with the World Bank on their

00:04funding to Pakistan which is set to happen in June 2025. More information coming in of how

00:10the government will raise this with FATF to put Pakistan in the grey list. World Bank is expected

00:17to approve a 20 billion dollar lending package to Pakistan in June and the government of India

00:23that is strongly going to oppose this asking FATF to put Pakistan in the grey list again.

00:28Karishma Asudani correspondent joining us with further details on what the approach could be

00:36Karishma because Pakistan cannot be trusted and the entire world is watching that. We've seen how

00:43IMF came to its rescue recently. Now they have been on the grey list of FATF even in the past

00:49and government of India is going to push for it but what do they possibly need such huge aids for

00:55funding terror or for the betterment of their people is the biggest question that India is posing.

01:01See it's very important for us to understand that all this happening in the aftermath of conflict

01:09has a bigger agenda, a bigger motive and while India's stance has been clear that India is not

01:15again providing funds, that funds being provided to countries, to developing countries who are in

01:21need of urgent fiscal support but at the time of situation of conflict of war where the agenda

01:27seems more prone towards across border terrorism, India has taken its stance sternly and firmly.

01:33Now the government of India and World Bank in June is also going to take up with World Bank

01:38its upcoming funding of close to 20 billion dollars to Pakistan. India is clear of this that despite the

01:46fact that IMF had went ahead with its decision and while it's not IMF's voluntary decision it's really

01:52how the majority of votes work on the board of IMF which had close to about 24 executive directors

02:00countries representing with EU and US holding the majority of shares. So while IMF funding was

02:06something that did not come in as a pleasant acceptance for India, India is now clear that they are going to

02:14help to stop the support of the capital of the party. In fact, sources have shared with us that India had

02:25shared with IMF well before their vote meeting which was on May 9th, also shared with the executive director

02:31of IMF and also shared with the counterparts of IMF that India's need and India's ask is not just because of the

02:40conflict but also because of the history that Pakistan carries. Out of the 28 bailout packages

02:47that have been given to Pakistan by IMF, it has been proved that each bailout package has only contributed

02:53to Pakistan actually increasing their arms and ammunition which is against the structural reforms

03:01that IMF lives. So we are clear, we are going ahead, we are still on our agenda that we are not going to

03:06let any cross-border terrorism requests and support be taken up at international level and

03:14sources are telling us that India is firm on its point of view and India is willing to stand on its own.

03:20All right, Karishma, I want to thank you for these latest details. Of course,

03:23we continue to track the story very closely.

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