Once perennial borrower India is now lender

Friday, 28 November 2003, 08:00 Hrs
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NEW DELHI: India, once a perennial borrower, has turned into a lender with foreign exchange reserves racing to $90 billion and the economy shrugging off a patch of slow growth.

"We have joined developed countries in debt forgiveness and providing financial assistance to a large number of countries," External Affairs Minister Yashwant Sinha said while inaugurating the India-European Union (EU) Business Summit here Friday.

The turnaround had come about because India had managed its external resources well, he said, adding that the world was beginning to recognise this.

India is now lending to the International Monetary Fund (IMF) "so that it can lend to other countries, particularly the least developed countries".

India had also stopped taking aid from most countries, he added.

Source: IANS
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