Imf Backs Capital Controls To Stem Meltdown

The interim committee of the International Monetary Fund (IMF) has endorsed the use of capital controls in an economic crisis, signalled a go-slow on capital account convertibility and acknowledged India and China for successful handling of their economies in the face of the global meltdown.

The decision, announced late in the night, comes as a major victory for finance minister Yashwant Sinha, who had earlier in his speech stressed the same issues while proposing a seven-point package. Also, it is the first time that India's economic performance has found mention in the communiqu