No intention to borrow, we can contribute to IMF: PM

Prime Minister Manmohan Singh told the global community that India is willing to increase its contribution to the International Monetary Fund (IMF) but does not intend to borrow any money from the multilateral lending agency.

Prime Minister Manmohan Singh told the global community that India is willing to increase its contribution to the International Monetary Fund (IMF) but does not intend to borrow any money from the multilateral lending agency.

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“We do not visualise any need in the near future to go to the IMF ... We can consider contribution to (the) IMF in proportion to our quota,” he told reporters after the meeting of the G-20 leaders, who pledged to treble the resources of the IMF.

“As far as India is concerned ... the question arises that we should contribute (to the IMF),” Singh said when asked whether India, like Mexico, is planning to withdraw funds from the new facility approved at the G-20 Summit.

India, he added, has foreign exchange reserves of about USD 250 billion. Expressing satisfaction at the inclusion of the country in the two key international committees, Singh said, “India has been recognised as a major economic player. It’s a great achievement.”

India has been made a member of the Financial Stability Forum (FSF) and the Basle Committee on Banking Supervision, the two key standard setting bodies.