Economy | India seeks $5.2 bn loan from World Bank

Economy | India seeks $5.2 bn loan from World Bank
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First Published: Thu, Feb 26 2009. 10 57 PM IST
Updated: Thu, Feb 26 2009. 10 57 PM IST
New Delhi: India has asked the World Bank to give it a loan of $5.2 billion (around Rs26,200 crore) for two years to June 2010 to help fight an economic slowdown, interim finance minister Pranab Mukherjee said on Thursday.
To mitigate the challenges arising out of the global financial crisis, the government has expressed to the World Bank its willingness of additional loan assistance, Mukherjee said in a written reply to a question in Parliament.
India has borrowed Rs2.56 trillion from foreign governments as of 31 January, and the interest payable is Rs4,313 crore, Mukherjee said.
Bloomberg
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Forex reserve falls 21% as RBI sells dollars
Mumbai: India said its foreign-exchange reserves fell 21% in the past nine months as the central bank sold dollars to curb losses in the rupee.
The Reserve Bank of India (RBI) intervenes in the foreign-exchange market to limit volatility in the rupee and doesn’t have a target level or band for the currency, interim finance minister Pranab Mukherjee said on Thursday.
Bloomberg
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First Published: Thu, Feb 26 2009. 10 57 PM IST