IMF hold talks on budget

By Our Special Correspondent

NEW DELHI, MARCH 28. The International Monetary Fund (IMF) has concluded its annual consultations with the Union Finance Ministry after the presentation of the budget.

Under Article IV of the IMF charter, consultations are mandatory with member countries after the presentation of the annual budget. However, no major recommendations or suggestions were expected from the IMF because India has no loan programme with it. India last sought a loan from the IMF in 1991 and the repayment of the loan is now complete. Moreover, India's fiscal deficit is under control in the 2000-01 fiscal year and more reforms measures have been proposed in the budget for the next fiscal.

India Director on the IMF Board, Dr. Vijay Kelkar, was in town to conduct the annual review.

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Section  : National
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