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Tuesday, July 21, 2009

India to get $4.5 billion from IMF to battle slowdown

Funds would be available at the end of August 2009

India would receive about $4.5 billion from the International Monetary Fund's Special Drawing Rights (SDR) to battle economic slowdown. This is part of the about $250 billion allocation of SDR by the IMF to provide liquidity to the global economic system by supplementing IMF's 186 member countries' foreign exchange reserves.

The funds would be available at the end of August 2009, reports citing IMF officials indicated. However they added that if India does not need this money, it has the option to trade the money with other countries, which are in need of international fund to boost their economic condition.

The SDR allocation is a key part of the fund's response to the global crisis, offering significant support to its members in these difficult times, IMF managing director Dominique Strauss-Kahn said on Monday, 20 July 2009.

If approved by the Board of Governors with an 85% majority of the total voting power in a vote scheduled to close on 7 August 2009, the SDR allocation will be in effect on 28 August 2009.

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