US giving aid to countries like India that own billions in Treasury securities, warns report

Washington, June 3 : The United States is proving millions of dollars in foreign aid to countries, including India, that it borrows billions from, a Congressional Research Services report has claimed.

The report shows that in fiscal year 2010, Washington handed out a total of 1.4 billion dollars to 16 foreign countries that held at least 10 billion dollars in Treasury securities, including China (27.2 million dollars), Brazil
(25 million dollars), Russia (71.5 million dollars), India (126.6 million dollars), Mexico (316.7 million dollars) and Egypt (255.7 million dollars), Fox News reports.

According to the Treasury Department, China is the largest holder of U. S. Treasury bonds with 1.1 trillion dollars as of March. Brazil held 193.5 billion dollars, Russia had 127.8 billion dollars, India owned 39.8 billion dollars, Mexico held 28.1 billion dollars and Egypt had 15.3 billion dollars.

The US had reportedly given out the aid money to these countries for varied causes like HIV/AIDs prevention, combating weapons of mass destruction, fighting tuberculosis, and counter-terrorism efforts.

Senator Tom Coburn (R-Okla) said that report has rung an alarm bell.

"Borrowing money from countries who receive our aid is dangerous for both the donor and recipient. If countries can afford to buy our debt, perhaps they can afford to fund assistance programs on their own,” Coburn said in a written statement.

"At the same time, when we borrow from countries we are supposedly helping to develop, we put off hard budget choices here at home. The status quo creates co-dependency and financial risk at home and abroad," he added.

The State Department, however, has remained mum about the issue till now. (ANI)

United States: 

Popular Stories

'What's been going on while I've been gone': Obama is back

New York [U.S.], Apr. 25 : A visibly relaxed and... Read More

North Korea cranks the heat, threatens to sink US ship

New York [U.S.], Apr. 24 : In a development bound... Read More

American monitor in Ukraine killed in explosion

New York [U.S.A.], Apr 24 : An American paramedic... Read More

Trump slams 'fake media' over low approval ratings

New York [U.S.], Apr. 24 : Continuing his assault... Read More

US warns North Korea after threat to sink American ship

New York [U.S.], Apr. 24 : Following North Korea's... Read More

Mexico will 'eventually' pay for border wall: Trump

New York [U.S.], Apr. 24 : With the Democrats and... Read More