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This is an archive article published on September 11, 2008

India okays changes in IMF pact

The Govt has approved a proposed amendment in the IMF's articles of agreement.

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The government on Thursday approved a proposed amendment in the IMF8217;s articles of agreement that will increase India8217;s quota in the multilateral funding agency.

With the proposed amendment, India8217;s quota in IMF, in terms of Special Drawing Rights or reserve asset, will go up from 1.91 per cent to 2.44 per cent.

Reserve assets, which are supposed to supplement a country8217;s official reserves comprising gold and foreign exchange, are a potential claim on the freely usable currencies of member countries to determine the exchange value of one8217;s own currency unit.

In absolute terms, India8217;s quota will increase from 4,158.2 million SDR to 5821.5 million SDR.

 

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