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Shaktikanta Das differs with govt over IMF's $500 billion rights plan

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NEW DELHI : While India joined the US last month to oppose the International Monetary Fund’s (IMF’s) plan to issue $500 billion of fresh special drawing rights (SDRs) to help member countries combat the economic fallout of the coronavirus pandemic, Reserve Bank of India (RBI) governor Shaktikanta Das seems to have supported the move during the same IMF-World Bank virtual spring meeting.

SDR is an international reserve asset created by IMF comprising the dollar, euro, yen, sterling and yuan. It is allocated to its members in proportion of their quota.

India’s SDRs rose by $2 million in a week’s time to $1.4 billion as on 15 May. A fresh SDR issue by IMF would have helped the least developed and developing countries facing foreign exchange

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