IMF welcomes India’s decision to buy notes worth $10 bn

The IMF welcomed the decision of India to invest up to USD 10 bn (around Rs 50,000 crore) in IMF notes.

The International Monetary Fund welcomed the decision of India to invest up to USD 10 billion (around Rs 50,000 crore) in IMF notes and said this reflects New Delhi’s commitment to multilateral cooperation.

“I welcome the announcement by India of its intention to support the Fund’s lending capacity through the purchase of up to USD 10 billion worth of IMF notes,” IMF Managing Director Dominique Strauss-Kahn said in a statement.

“This investment will help underpin the international financial system by ensuring the Fund has adequate resources to meet the financing needs of its membership,demonstrating the commitment of the Indian authorities to multilateral cooperation,” Strauss-Kahn said.

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Following a meeting of BRIC (Brazil,Russia,India and China) nations in London,Indian Finance Minister Pranab Mukherjee said,India has decided to invest up to USD 10 billion of its reserves in notes issued by the IMF.

This is part of a total of USD 80 billion,which the four BRIC countries would invest into IMF. Out of the amount,China would be pumping in USD 50 billion.

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International Monetary Fund

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