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The International Monetary Fund revised growth projections for India, the Eurozone, Japan and the United Kingdom, reflecting negative surprises at the beginning of 2018.
However, despite a slight decline in the growth rate, In 1965, the growth rate of India:
We now forecast that the growth rates of some major economies of Latin America, Europe emerging and Asia will be lower than our forecasts. April 2018 #WEO IMF Forecasts Obstfeld https://t.co/P2aH2jDQ9N pic.twitter.com/E2oa48JOC2
IMF (@IMFNews) July 16, 2018
The IMF forecast a growth rate of 7.3 percent in 2018 and 7.5 percent in 2019 for India compared to 6.7 percent in 2017, which would make it the country experiencing the most growth. fast among the major economies
. 6.7% in 2017 to 7.3% in 2018 and 7.5% in 2019, due to "The projection is 0.1 and 0.3 percentage point lower for 2018 and 2019, respectively, than in the latest update of the IMF's World Economic Outlook (WEO). WEO, reflecting the negative effects of rising oil prices on domestic demand and the tightening of monetary policy faster than expected due to higher expected inflation, "he added. should rise from 6.9% in 2017 to 6.6% in 2018 and 6.4% in 2019, as regulatory tightening in the financial sector takes hold and external demand softens, "says the report. .
Why? "Among emerging and developing countries, growth prospects are also becoming more unequal, with rising oil prices, higher yields in the US, escalating trade tensions and market pressures. market on the currencies of some economies with lower fundamentals. Growth expectations have been revised downward for Argentina, Brazil and India, while the outlook for some oil exporters has strengthened, "the IMF says. Percent in 2019 https: //t.co/0XUacVSx69 pic.twitter.com/uqamGr7C9X
IMF (@IMFNews) July 16, 2018
India and IMF:
India became a member of IMF on December 27, 1945.
India has accepted the obligations of Article VIII of the IMF's Articles of Agreement on the Convertibility of the Current Account on August 20, 1994.
Financial Assistance
In In 1981-82, India borrowed 3.9 billion SDRs under an expanded credit facility, the largest mechanism in the history of the IMF to At the time
In 1991-93, India borrowed 2.2 billion SDRs in two, borrowed 1.4 billion SDRs under the financing facility compensatory
Techn Technical Assistance
In recent years, the IMF has provided technical badistance to India in a number of areas, including:
- The Development of the Government Securities Market
- The Exchange Market Reform
- Government Expenditure Management
- Tax and Customs Administration
- Strengthening Statistical Systems in Relation to Special Data Dissemination Standards
In addition, the organization has been providing training to Indian officials since 1981 in various sectors, including:
- ] Tax Administration
- Compilation of Balance of Payments
- Monetary Policy
How Does the IMF Work?
Each member of the IMF must take a subscription quota of at least 25% or 10% of the official gold badets of the member country. This sum may be paid in gold or in the national currency of the member
No member may purchase foreign currency more than one quarter of his quota during a period of 12 months.
The procedure can not exceed 200 per cent
Role of the IMF:
The official IMF website mentions its responsibilities as follows:
1. Surveillance
The IMF supervises the international monetary system and monitors the economic and financial policies of its 189 member countries.
As part of this process, which is taking place both globally and in some countries, the IMF highlights the risks to stability and advises on necessary policy adjustments.
2. Loan
One of the main responsibilities of the IMF is to provide loans to member countries with real or potential balance of payments problems.
This financial badistance allows countries to rebuild their international reserves, stabilize their currencies, restore the conditions for strong economic growth, while undertaking policies to correct the underlying problems.
Unlike development banks, the IMF does not lend for specific projects.
3. Capacity Building
IMF Capacity Building – Technical Assistance and Training – helps member countries to design and implement economic policies that promote stability and growth by strengthening their institutional capacity and skills.
and training to maximize their effectiveness.
Read: India's GDP is expected to grow by 7.4% in 2018, according to the IMF
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