Montek Singh proposed contribution of $ 10 billion to IMF
2009 April 29
Montek Singh proposed contribution of $ 10 billion to IMF to come out of RBI’s $ reserves. RBI to buy SDR denominated IMF securities & modalities are being worked. No impact on fiscal deficit as the government money is not being used. The rate cuts by RBI are welcome steps. The interest rates are still high in India. A 6% growth in FY09 is a reasonable assumption.
He further added that there is no balance of payments problem. The capital flows is sufficient to meet external financing requirements. All funds approved for weaker sections have been disbursed.
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