Recession: Out of $250 bn SDRs India gets $4.78 bn

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Recession
Washington, Jul 21: India will be getting about 4.78 billion dollars as its share of International Monetary Fund's Special Drawing Rights (SDR) worth 250 billion dollars, to help the country stay afloat amid the global economic slowdown.

IMF made this announcement this on Monday, Jul 20 which comes under the move to aid emerging markets and developing countries. The proposal made by Executive Board will now be submitted to the IMF's Board of Governors for approval.

"The SDR allocation is a key part of the Fund's response to the global crisis, offering significant support to its members in these difficult times," IMF Managing Director Dominique Strauss-Kahn said.

The SDR allocation was requested in the G-20 summit in Apr 2009. the SDR allocation will be in effect on Aug 28.

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