Multiple choice

Where did India get a loan of hard currency in 1991 to continue paying for oil imports?

  1. International Monetary Fund (IMF)

  2. World Bank

  3. U.S. Federal Reserve

  4. People's Bank of China (PBC)
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A Correct answer
Explanation

In 1991, India faced a severe balance of payments crisis and sought emergency financial assistance from the IMF to manage its foreign exchange reserves and pay for essential imports like oil.

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