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Journalism of Courage
International Monetary Fund patted India on Thursday for its ‘‘comfortable’’ foreign exchange reserves and said the country was not in need of any assistance from it. ‘‘India does not need any financing from IMF considering that the country had $73 billion of forex reserves,’’ IMF’s representative in India James Gordon said at a seminar on ‘The role of IMF in India’. With a foreign exchange reserve of $73 billion mop up within one decade, he said, ‘‘frankly, something must have been done right’’.
With India’s forex of $73 billion could sustain 15 months import, he said: ‘‘It is extremely comfortable.’’
India had last borrowed from the IMF in 1990s and since the country had fully repaid its loans, the IMF’s role had been ‘‘considerably’’ scaled down.
