Chapter 36

TRUST FUND

 

36.1 The Trust Fund which is administered by the International Monetary Fund, Washington has extended to India a loan in 1980 in US$ equivalent to SDR 529.009 million (Rs. 537.51 crores) to provide balance of payment assistance. The loan is repayable in ten equal semiannual installments beginning not later than the end of the first six months of the sixth year and the loan is to be repaid in full at the end of the tenth year after the date of disbursement.

36.2 Interest on the outstanding loan shall be paid semiannually at the rate of one half of the one per cent per annum on 30th June and 31st December, each year.