NEW DELHI,(PTI):India has sought conversion of its current stand-by loan arrangement with the IMF into an extended arrangement to lend support to its ongoing adjustment and structural reform programs.
Ina letter addressed to the IMFs managing director Michel Camdessus, finance Minister Manmohan Singh expressed the hope that conversion of the loan into an extended one with a suitable blend of extended structural adjustment facility funding (ESAF) would take place by November this year.
A copy of the letter setting out recent progress in India’s adjustment policies and the economic program for 1992-93 was placed in the upper house by the government on recently. Singh said that the external and credit objectives of the economic program having been met, the government would like to request the fund for release of the third tranche under the standby arrangement. He also sought a waiver for a minor deviation on the performance criteria on governments overall borrowings in 1991-92.
Article extracted from this publication >> July 31, 1992
