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Updated: 15/11/2008 | 03:24 PM IST
WB to help emerging nations with $100 bn
Press Trust of India
Saturday, November 15, 2008 (Washington)
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The World Bank has said it will give a loan of $100 billion this year to developing nations and India can draw an additional $3 billion annually for three years.

Disclosing this, Planning Commission Deputy Chairman Montek Singh Ahluwalia said in Washington that "some concrete response has come and we told them they need to go further".

The World Bank has already committed $3 billion to India this year.

Ahluwalia cited this as being the World Bank's response in the context of increasing the flow of resources to help developing countries by the Brettonwoods institutions.

The IMF, he said, has also offered extension of low-condition facility called the liquidity facility which can go up to five times. Should India decide to use the facility, it would be able to draw $300 million.

"It is an element of confidence in India. The World Bank assistance in areas like infrastructure projects is good to be used as contra-cyclical measures," Ahluwalia said.

On the impact of global downturn on the Indian economy's growth rate, he said it was quite clear that the economic crisis was having some impact. In fact, this year the growth rate is expected to be between 7 and 7.9 per cent against the rate of 9 per cent recorded in the last four years.

To a question whether the Prime Minister, Finance Minister and he himself were making contradictory statements on the impact of the global downturn on India, Ahluwalia said there would not be a contraction of the economy though there would be a slower growth.

"It will not not be a contraction. It is true that all of us have (noted that) the fundamentals of the economy are strong. Had the economic crisis not not come the growth would have gone on. Indian bank is regulated, capital adequacy in banks is quite good. We don't have to worry. While the rest of the world is talking about recession, we don't have to worry about recession," he said.

The Planning Commission deputy chief said there would be a slowdown. From an estimate of 8 to 8.5 per cent growth given by the Rangarajan Committee, it may be between 7.5 per cent and 8 per cent.

"It is a realistic assessment of the external condition," he added.

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