RTTNews - India will get the equivalent of around $4.78 billion as its share of International Monetary Fund's Special Drawing Rights or SDR worth $250 billion to provide liquidity to the recession hit global economic system, media reports said.
IMF will make the general SDR allocation on August 28, following formal approval by its board of governors last week of the proposal to allocate SDRs equivalent to $250 billion to provide liquidity to the global economic system by supplementing the Fund's member countries' foreign exchange reserves.
The SDR allocation was requested as part of a $1.1 trillion plan agreed at the G20 summit in London in April and endorsed by the International Monetary and Financial Committee to tackle the global financial and economic crisis by restoring credit, growth and jobs in the world economy.
IMF said the equivalent of around $100 billion of the general allocation would go to emerging markets and developing countries, of which low-income countries will receive over $18 billion.
The allocation will provide each participating country with SDRs in amounts equivalent to approximately 74% of its quota, and could increase Fund members' total allocations to an amount equivalent to around $283 billion from $33 billion or SDR 21.4 billion.
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