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India.com
3 days ago
- Business
- India.com
Not Pakistan but this country leads in taking loan from IMF, it is..., India's position is...
(Image: REUTERS/Yuri Gripas) New Delhi: Whenever the discussion arises regarding the International Monetary Fund (IMF) and Pakistan, a distinct perception is formed. The perception is that Pakistan is the most economically dependent country on the IMF. Recently, during the conflict between India and Pakistan, the IMF had lent money to Pakistan again. However, it is undeniable that Pakistan has received a significant amount of loan from the IMF, but it is not the top borrower from this institution. According to the IMF, over 60% of the total loans given to 91 countries worldwide have gone to just five countries. At the top of this list is Argentina, with outstanding IMF credit amounting to 40.3 billion SDRs (Special Drawing Rights). Although Pakistan's name is included in the top 10 list, it is not in the first position. What is SDR? SDR is a special reserve asset of the IMF, the value of which is determined based on five major currencies (US Dollar, Euro, Chinese Renminbi, Japanese Yen, and British Pound). It is not a direct currency but serves as a basis for member countries to transact in actual currencies. Where does Pakistan stand? Argentina ranks first in borrowing from the IMF, followed by Ukraine, which has a debt of 10.7 billion SDR. Next are Egypt (8.2 billion), Pakistan (6.9 billion), and Ecuador (6.4 billion). Pakistan, often perceived as heavily dependent on IMF assistance, ranks fourth on this list. What is India's position? India has also borrowed from the IMF. However, India ranks much lower on this list. This means that India has taken much less loan from the IMF compared to Pakistan. India holds the 31st position on the IMF list, with a debt of 1.98 billion SDR.
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Business Standard
23-05-2025
- Business
- Business Standard
Forex reserves decline $4.88 billion to $685.72 billion, shows RBI data
India's foreign exchange reserves declined by $4.88 billion to $685.72 billion for the week ending May 16, according to data released by the Reserve Bank of India (RBI) on Friday. The forex reserves had swollen by $4.55 billion in the previous week, which had pushed the total reserves to $690.617 billion. The country had reached a record high of $704.885 billion in September 2024. During the reporting week, foreign currency assets, the largest portion of the reserves, rose by $279 million to $581.652 billion. These assets, when valued in dollars, reflect changes due to the movement of other major currencies like the euro, pound, and yen. Meanwhile, gold reserves saw a significant decrease of $5.12 billion, bringing them down to $81.21 billion. RBI had declared gold reserves worth $86.337 billion last week. The value of Special Drawing Rights (SDRs) dropped by $43 million to $18.49 billion. The central bank had posted $18.53 billion SDRs for the week ending May 9. Additionally, India's reserve position with the International Monetary Fund (IMF) decreased by $3 million to $4.371 billion, it had reported $4.374 billion reserve position in IMF last week.
The Print
18-05-2025
- Business
- The Print
Forex reserves jump USD 4.5 bln to USD 690.61 bln on rise in gold assets
For the week ended May 9, foreign currency assets, a major component of the reserves, increased by USD 196 million to USD 581.373 billion, the data released on Friday showed. In the previous reporting week, the overall reserves had dropped by USD 2.065 billion to USD 686.064 billion. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024. Mumbai, May 16 (PTI) India's forex reserves jumped by USD 4.553 billion to USD 690.617 billion for the week ended May 9 on the back of a steep increase in gold assets, the RBI said on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves jumped by USD 4.518 billion to USD 86.337 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by USD 26 million to USD 18.532 billion, the apex bank said. India's reserve position with the IMF was also down by USD 134 million at USD 4.374 billion in the reporting week, the apex bank data showed. PTI AA SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Business Insider
10-05-2025
- Business
- Business Insider
IMF clarifies Nigeria's debt status amid repayment claims, says $30m fee remains unpaid
The International Monetary Fund (IMF) has clarified that while Nigeria has made significant progress in settling its financial obligations, reports claiming the country has fully repaid its debts are inaccurate. The IMF clarified that while Nigeria has repaid its $3.4 billion emergency loan, reports of full debt repayment are inaccurate. Nigeria has an outstanding annual service fee of $30 million in Special Drawing Rights (SDR) related to its financial commitments. Nigeria's repayment was confirmed by the country's Finance Minister and reflected in the IMF's debtor list update. The IMF noted that although Nigeria has met part of its repayment obligations, a $30 million annual service fee remains outstanding, highlighting the country's continued financial commitments despite broader repayment progress. Nigeria, Africa's fourth-largest economy, repaid a $3.4 billion emergency loan borrowed from the International Monetary Fund (IMF) under the Rapid Financing Instrument (RFI), which was accessed in 2020 to cushion the economic impacts of the COVID-19 pandemic. The country's Finance Minister Wale Edun confirmed via text message on Thursday that Nigeria had repaid the loan in full, adhering to the agreed terms. Further confirmation of Nigeria's loan repayment came from the IMF's report 'Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025, which indicated Nigeria's removal from the list of debtor countries on the institution's website. On the list, the West African nation was not among the global financial institution's debtors. The list included 91 developing and least developed countries that owed the Fund a total of $117,797,656,224 as of May 6, 2025. IMF clarifies Nigeria's status Following the development, IMF Resident Representative in Nigeria, Dr. Christian Ebeke, highlighted the fulfillment requirements for loan accounting under the Fund's Rapid Financing Instrument, which provides emergency balance of payments support to member countries. He noted an additional annual charge of approximately $30 million in Special Drawing Rights (SDR) fees that Nigeria is required to pay. ' Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about US$30 million annually. In line with the IMF's Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria's SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion) ' Notably, Nigeria's total SDR charges for 2025 are expected to reach SDR 22.35 million (approximately $30.24 million), with payments scheduled for May, August, and November.
Business Standard
05-05-2025
- Business
- Business Standard
India's forex reserves climb for 8th straight week
Indias foreign exchange reserves (Forex) rose by USD 1.983 billion to USD 688.129 billion in the week that ended on April 25, extending gains for the eighth straight week, official data released by the Reserve Bank of India (RBI) this week showed. The RBI data shows that foreign currency assets (FCAs) witnessed an uptick of USD 2.168 billion reaching at USD 580.663 billion. In the reported week, the gold reserves with the RBI declined by USD 207 million, standing at USD 84.365 billion. The Special Drawing Rights (SDRs), which are kept with the International Monetary Fund (IMF), witnessed a rise reaching USD 18.589 billion, up USD 21 million in the reporting week. Indias foreign exchange reserves rose USD 8.310 billion to USD 686.145 billion in the week that ended on April 18.
