India and the IMF have had a friendly relationship, which has been beneficial for both. The IMF has provided India with loans over the years and this has helped the country to grow. The IMF has also praised India for it has been able to maintain average growth rate of its economy.
The meaning of International Monetary Fund (IMF):
International Monetary Fund (IMF) is an administrative unit that is international in nature and whose objective is to regulate and administer the financial system of the world.
The IMF does this by observing the payments balance and exchange rates of the world. International Monetary Fund also offers technical and financial help to the member nations. Its head office is in Washington D.C, USA.
The meaning of International Monetary Fund (IMF):
International Monetary Fund (IMF) is an administrative unit that is international in nature and whose objective is to regulate and administer the financial system of the world. The IMF does this by observing the payments balance and exchange rates of the world. International Monetary Fund also offers technical and financial help to the member nations. Its head office is in Washington D.C, USA.
India's relations with the International Monetary Fund:
India and the IMF has a positive relationship. The IMF has provided financial assistance to India, which has helped in boosting the country's economy. The IMF praised the country for it was able to avoid the Asian Financial Crisis in 1999 and was also able to maintain the average rate of growth of its economy. The Managing Director of International Monetary Fund Rodrigo De Rato visited India in May 2005. In 2005, the IMF said that the budget of India is very positive for it points that the economy of the country will grow at the rate of 6.7%.
International Monetary Fund said that the reasons behind the economy growth of India are that the RBI has been able to control inflation and has also handled its monetary policies very skillfully. The IMF has suggested that India can become a financial super power by bringing in more reforms in its economic policies that will increase its growth rate to 8%.
The loans provided by IMF to India:
- SDR 3,260,405,000 in 1992
- SDR 3,584,905,000 in 1993
- SDR 2,763,180,833 in 1994
- SDR 1,966,633,125 in 1995
- SDR 1,085,250,003 in 1996
- SDR 589,791,667 in 1997
- SDR 284,916,664 in 1998
- SDR 38,500 in 1999
The current relationship between IMF and India:
The relationship between the IMF and India has grown strong over the years. In fact, the country has turned into a creditor to the IMF and has stopped taking loans from it. India and IMF must continue to boost their relationship this way, as it will prove to be advantageous for both.
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