India ready to buy 10 dollars billion International Monetary Fund bonds

The government would prefer to buy bonds worth $10 billion as its contribution towards increasing the capital base of the International Monetary Fund by $500 billion announced at the G-20 meeting in London early this month.

India is ready to buy about $10 billion (around Rs 50,000 crore) of IMF bonds, a media report said quoting Planning Commission deputy chairman Montek Singh Ahluwalia. “If the IMF can issue the securities, it's an easy way for us to make a contribution,” said Ahluwalia, who is in the US to attend the Spring Meetings of the IMF and the World Bank.

Leaders of G-20 countries have committed to increase the resource base of the IMF by half a trillion dollars. India has maintained that it would contribute as per its quota in the Fund. “Since India’s share is close to 2% in the Fund, it results in it contributing $10 billion (2% of $500 billion) to expand IMF’s resource base,” a senior government official said here.

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