Washington, November 15, 2008
To help tide over the credit crisis, India can avail of loans worth $39 billion from the International Monetary Fund (IMF) and the World Bank, Planning Commission deputy chairman Montek Singh Ahluwalia told reporters late on Friday night.
India can borrow up to $30 billion (up five fold) from the IMF to infuse short-term liquidity through low conditional loans. This will have to be repaid within nine months. “But with reserves of $200 billion, we really don't need this,” Ahluwalia said.
Story in Hindustan Times, November 15, 2008