As of the present time statistics of IMF’s loan to the countries in a situation of need and urgency, India occupies a relatively better position. It is because India always refuses to take any kind of loan from IMF for a certain cause. The economy of India has been appearing to be controlled and sustainable in some regards. But somehow or other the financial assistance provided by IMF to India, can never be neglected since it is also a country that lies under the influence and dominance of these fund raising and loan providing agencies (belonging to USA).
India and IMF- A History
India has got some unique terms with the IMF in a way that it started off with IMF as its original member. On December 27 in the year 1945, India shook hands with IMF and joined it by accepting all its terms and con
ditions. Infact India had agreements with IMF’s article regarding agreement on current account convertibility. India had also subscribed to IMF’s Special Data Dissemination Standard according to which the member countries must observe the standard and provide information about the data and data dissemination practices.
IMF’s Loan To India
The question that rises soon after a glance at a history of relation between India and IMF is that how much loan do IMF give to India?
Here we are to answer the question. but above all, we should know that India has never been a frequent customer of the resources or financial assistance by IMF.
Based on facts and figures, India has been successful in avoiding an economic situation where it needs to knock the doors of IMF. It was in 1999 when India paid a loan of $30 million to IMF for the last time. It is also noticeable that India has gone to take help from IMF only at two occasions
“In 1981-82, India borrowed SDR 3.9 billion under an Extended Fund Facility, the largest arrangement in IMF history at the time. In 1991-93, India borrowed a total of SDR 2.2 billion under two stand by arrangements, and in 1991 it borrowed SDR 1.4 billion under the Compensatory Financing Facility.”
In 2013, India’s economy was at such crucial point that it needed a strong and powerful financial support. But India had decided not to take help from IMF.
“The answer is no! I don’t believe that we are in a situation where we have to go to the IMF. We are fairly resilient,” Subbarao told reporters in Mumbai on Tuesday.
IMF has got an upper hand in providing technical assistance to India in a number of fields including tax and custom administration, development of government securities market, foreign exchange reforms, tax and custom administration and many other areas.
Influence of Freemasons
Since all the knots extruding from International Monetary Fund (IMF) are tied to United States, its influence is believed to reflect freemasonry. President of IMF and its other activities are suspected to be related to Freemasons fraternity. It is quite evident since they offer the ultimate needed money at any cost at any time and to any country with an ease to bring it under its clutches. India is also a bound country and struggling to overcome the dominance and an unwanted upper hand of IMF.
It can be really astonishing to know about How Much Loan Do Freemasons Give To India but the fact remains a fact. Please share your views about it!
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