Nagaland-A Bad Beginning

March 9, 1974 must have been used to prove to the IMF that exports have declined from their trend path or the IMF, which was experiencing a great slackness in its lendingbusiness since the currency crisis started in the middle of 1971, was prepared to relax its usual rigorous standards of scrutiny for appraising requests for loans, The IMF is equipped to provide temporary financial accommodation on reasonable terms to needy nations. That the floating exchange rate regime has so far minimised .the need for countries to intervene directly on the market or to resort to borrowings from the IMF for augmenting their reserves position has no doubt helped India's request.