RTTNews - India would receive about $4.5 billion from the International Monetary Fund (IMF) to overcome economic slowdown and funds would be available by August end, reports PTI quoting IMF officials. The fund is a part of IMF's Special Drawing Rights (SDR) allocation of about $250 billion to provide liquidity to global economic system by supplementing the foreign exchange reserves of its 186 member countries.
IMF managing director Dominique Strauss-Kahn said that the allocation is a part of the fund's response to the global crisis, offering significant support to its member countries during crisis period. the funds allotted to India will encourage its foreign reserves and if India does not need it, it has option to trade the money with other countries.
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