At a Glance - India and the IMF
- India joined the IMF on December 27, 1945, as one of the IMF's original members.
- For India's Governor, quota, and voting power in the IMF, see www.imf.org/external/np/sec/memdir/members.htm
- For India's Executive Director in the IMF and constituency, see www.imf.org/external/np/sec/memdir/eds.htm
- India accepted the obligations of Article VIII Article VIII of the IMF Articles of Agreement on current account convertibility on August 20, 1994.
- India subscribes to the IMF's Special Data Dissemination Standard. Countries belonging to this group make a commitment to observe the standard and to provide information about their data and data dissemination practices.
While India has not been a frequent user of IMF resources, IMF credit has been instrumental in helping India respond to emerging balance of payments problems on 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. Further information on India's financial position in the Fund, see http://www.imf.org/external/
In recent years, the Fund has provided India with technical assistance in a number of areas, including the development of the government securities market, foreign exchange market reform, public expenditure management, tax and customs administration, and strengthening statistical systems in connection with the Special Data Dissemination Standards. Since 1981 the IMF Institute has provided training to Indian officials in national accounts, tax administration, balance of payments compilation, monetary policy, and other areas.