IMF lauds India's strength to fight recession

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Washington, Mar 18: International Monetary Fund (IMF) was in all praise for India which is confronting the present global recession from a position of strength.

IMF executive directors lauded India's economic performance in recent years and said it reflected sound macroeconomic policies and continued progress with structural reform.

However, India needs flexible, pragmatic and proactive policy stance, opined IMF executive directors in their assessment after their annual Article IV Consultation with New Delhi.

According to a summary of the IMF report released on Tuesday, Mar 17 directors agreed that a key short-run policy objective should be to sustain liquidity and credit flows.

Directors welcomed the central bank's actions to ease monetary policy and stimulate bank lending.

A number of directors saw scope for further monetary easing, in light of the projected decline in inflationary pressures and the need to reinforce confidence and sustain bank credit.

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