Prime Minister: Indira Gandhi
Partition, planning, aid consortia and nationalised banks.
Bank Rate
10%
+1 pts on 1980
Rupee per dollar
₹8.68
+10.1% on 1980
Inflation
13.11%
+1.77 pts on 1980
GDP growth
6.01%
−0.73 pts on 1980
Reserves
$8,109m
−32.5% on 1980
External debt
$22,480m
+8.5% on 1980
Sovereign external finance · 9 November 1981
SDR 5.0 bn approved; SDR 3.9 bn drawn; India ended it early (1984)
Largest IMF arrangement to that date; domestic "IMF conditionality" debate (Indira Gandhi govt, FM R. Venkataraman)
ReportedOfficial record. Source: IMF EBM documents 1981
IMF facilities / Indian BoP · 9 November 1981
size stated as SDR 5,000 mn, not independently verified by me
Honest status: the IMF's own decision and press release could not be retrieved (imf.org returned HTTP 403 to this tool), and the IMF's official history of the period (Silent Revolution: the International Monetary Fund, 1979–89, James Boughton) is lending-restricted on archive.org (its text derivatives are marked private). The nearest primary document I did open is a Rajya Sabha unstarred answer of 1993-03-10 on "IMF's extended fund facility", which refers to "the I.M.F.'s extended fund facility of 5 to 7 billion dollars", but in a 1993 context, not the 1981 facility, and it does not identify a facility size for 1981. The 1981 figure is therefore recorded as reported from the slice brief and must be re-checked against the IMF decision
UnconfirmedOfficial record. Source: archive.org
defence procurement (submarines)
Allegations that commissions were paid on the 1981 purchase of HDW Type 209 submarines from Howaldtswerke-Deutsche Werft, West Germany. V. P. Singh (then Defence, later Finance Minister) ordered an inquiry in 1986; the row is recorded because it is the direct trigger of his January 1987 resignation. No authoritative rupee figure could be obtained in this session, not recorded by me rather than not published.
UnconfirmedHeterodox institution. Source: (context only) (en.wikipedia.org)
| Creditor | Instrument | Amount | US$ m | Status | Grade |
|---|---|---|---|---|---|
| IMF | Extended Fund Facility 1981-11-09 to 1984-05-01 (SDR 5,000 mn agreed, 3,900 mn drawn; India stopped drawing early) | 3,900 SDR | 4,500 | SDR 1.1 bn left undrawn; repaid 1984-90 | verified |
| Eurobond investors (not named) | ICICI's first FRN, government-guaranteed | 30 USD | 30 | repaid | verified |
| Bank syndicate (not named) | ICICI three-currency Euroloan (CHF 30 mn + DM 30 mn + JPY 3 bn), its first without a government guarantee | 35 | repaid | verified | |
| International Monetary Fund | Extended Fund Facility (EFF), three-year arrangement, described in the slice brief as SDR 5 bn and as the largest facility the Fund had then made, approved 1981-11-09 | 5,000 SDR | Not verified by me. The nearest primary document I could open is a Rajya Sabha unstarred answer of 1993-03-10 on "IMF's extended fund facility", which refers to "the I.M.F.'s extended fund facility of 5 to 7 billion dollars" and confirms only that such a facility existed to "help finance current account deficits", it is a 1993 document and does not state the 1981 size or the drawn amount | unknown |
Rows are listed as recorded. Some describe the same loan from different sources and must not be added together.
