| Use forex reserves for infra: Summers |
| BS Reporter / New Delhi April 19, 2007 |
| Former US treasury secretary Lawrence H Summers today came out strongly in support of the Indian government's move to invest a part of its foreign exchange reserves in financing infrastructure projects. Citing the examples of China and South Korea, Summers said the Indian government should sit down with the Reserve Bank and resolve any issues in order to maximise benefits from its huge forex reseves. "I am particularly amazed the way China and South Korea have utilised their huge foreign exchange reserves to fund infrastructure projects", he said. Summers and ICRIER chairperson Isher Judge Ahluwalia were briefing the media on the recommendations of the Eminent Persons Group appointed by the Asian Development Bank to suggest future direction for the multilateral lending instituion. The report will be discussed at the ADB |
