The World Bank is considering the possibility of providing loans in local currency in countries like India to help borrowers reduce costs, according to a senior official. Anshula Kant, the Managing Director and Chief Financial Officer of the World Bank, stated on Friday, “We are also trying to figure out how to offer local currency lending to a country like India at a price that is advantageous to this country.” Speaking at an event on the global economy organized by the Ministry of Finance and the Reserve Bank of India (RBI), as part of India’s G-20 presidency, Kant mentioned that the Indian government has a “huge advantage” in borrowing in local currency compared to the World Bank, despite the fact that the multilateral bank, headquartered in Washington DC, holds a AAA rating. However, Kant noted that in countries such as those in Africa where the bank cannot borrow from existing market infrastructures, the local currency lending strategy may not be adopted. During the event, V Anantha Nageswaran, the Chief Economic Advisor to the Government of India, expressed that global inflationary pressures are easing more than anticipated. He highlighted that the persistence of core inflation worldwide remains a concern, emphasizing the need for coherence between fiscal and monetary policies. Ashima Goyal, an academic and external member of the RBI’s monetary policy committee, stressed the importance of the monetary policy addressing financial stability needs.
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