M A I N   N E W S

Borrower India now creditor to IMF

Mumbai, June 28
Once a chronic borrower, now a creditor that is the journey India has made in the last one decade to become an international lender for financially crisis-ridden underdeveloped nations.

According to figures provided by the Reserve Bank of India (RBI), the country has transferred 205 million Special Drawing Rights (SDRs) to the International Monetary Fund (IMF) to meet the Balance of Payment (BoP) needs of least developed countries.

The first transfer of SDR 5 million under India’s participation in the IMF’s Financial Transaction Plan (FTP) was effected on May 7 and the second of SDR 200 million on June 17, making India a creditor to the IMF. — UNI