why government was taken loan from IBRD and IMF
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Explanation:
The cooperation between the World Bank and India goes back to the foundation of the International Bank of Reconstruction and Development in 1944. As one of 44 countries, India prepared the agenda for the Bretton Woods Conference in June 1944.[1] The Indian delegation was led by Jeremy Raisman, who was a finance member of the Indian government and proposed the name “International Bank for Reconstruction and Development”.[2] India received its first bank loan of US$34million from the International Bank of Reconstruction and Development in November 1948 for railway rehabilitation.[3] Since then, India has become the country with the largest country program[4] and its lending portfolio of the World Bank group inheres of 104 operations with a total volume of $27.1 billion.
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