India can borrow more from IMF now

September 11th, 2008 - 7:25 pm ICT by IANS  

Manmohan SinghNew Delhi, Sep 11 (IANS) India will be able to borrow more from the International Monetary Fund (IMF) following the government’s decision to enhance the country’s exposure in the Washington-based fund bank.The cabinet, chaired by Prime Minister Manmohan Singh Thursday, gave the approval to amend the IMF’s Articles of Agreement to increase India’s quota.

In absolute terms, India can now borrow $5.82 billion, as against the $4.16 billion it was entitled to till now.

“With this, India’s quota is slated to increase from 1.91 percent to 2.44 percent in terms of share in the global total,” Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the cabinet meeting.

Dasmunsi said the cabinet approved the proposed amendment of IMF’s Articles of Agreement to enhance India’s “voice and participation” in the fund bank and undertake necessary expenditure towards capital payments for additional quota.

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