Press Release: IMF Signs US$10 Billion Note Purchase Agreement with India
IMF News, March 12, 2010
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- Press Release: IMF Signs US$10 Billion Note Purchase Agreement with India
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Bibliographic details
- Published: March 12, 2010
Agreement details
- The International Monetary Fund (IMF) and the Reserve Bank of India have signed an agreement under which the Reserve Bank of India would purchase up to US$10 billion in IMF notes.
- Press Release No.10/80
- Date: March 12, 2010
Purpose and implications
- The agreement offers India a safe investment instrument.
- The agreement boosts the Fund’s capacity to help its members to weather the global financial crisis, and to facilitate an early recovery from the worldwide economic crisis.
- The Fund can add these resources to those already available through agreements signed with other members, contributing toward an increase in Fund resources requested in April 2009 by G-20 leaders and the International Monetary and Financial Committee.
Context and chronology
- The note purchase agreement follows the endorsement by the Executive Board on July 1, 2009 of the framework for issuing notes to the official sector (Press Release No. 09/248).
- The Indian authorities had already expressed their intention to invest in IMF notes (Press Release No. 09/300).
Key statistics and references from the release
- Purchase amount: US$10 billion
- Relevant dates and identifiers:
- March 12, 2010
- Press Release No.10/80
- Executive Board endorsement: July 1, 2009
- Related press releases: Press Release No. 09/248; Press Release No. 09/300
- Request for increased Fund resources: April 2009 (G-20 leaders and the International Monetary and Financial Committee)
Source: Press Release No.10/80, March 12, 2010, IMF.