Washington, Aug 14 - India will get the equivalent of about $4.78 billion as its share of International Monetary Fund's (IMF) Special Drawing Rights (SDR) worth $250 billion to provide liquidity to the recession hit global economic system.
IMF will make the general SDR allocation on Aug 28 following formal approval by its board of governors last week of the proposal to allocate SDRs equivalent to $250 billion to provide liquidity to the global economic system by supplementing the Fund's member countries' foreign exchange reserves.
The SDR allocation was requested as part of a $1.1 trillion plan agreed at the G20 summit in London in April and endorsed by the International Monetary and Financial Committee (IMFC) to tackle the global financial and economic crisis by restoring credit, growth and jobs in the world economy.
The equivalent of nearly $100 billion of the general allocation will go to emerging markets and developing countries, of which low-income countries will receive over $18 billion, IMF said Thursday.
The allocation will provide each participating country with SDRs in amounts equivalent to approximately 74 percent of its quota, and could increase Fund members' total allocations to an amount equivalent to about $283 billion, from about $33 billion (SDR 21.4 billion).
Separately, the fourth amendment to the IMF articles of agreement providing for a special one-time allocation of SDRs has now entered into force.