ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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NEW DELHI-Back to the IMF

IT was announced on the eve of the crucial budget session of Parliament, which promises to be unusually stormy and full of uncertainties, that India had sought and had drawn by way of compensatory financing 74.4 million dollars from the International Monetary Fund. Coming as it did in the midst of claims about the boom in exports, this was a surprise to many. Spokesmen of the Finance Ministry tried to keep up the pretence that the foreign exchange reserves position was comfortable and that the seeking of IMF accommodation was not a bailing out operation at all. It was only an 'act of prudence' on the part of the managers of the country's finances to add another string to their bow.

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