A late November report from Mumbai states that the IMF is in the midst of negotiations on a multi-million dollar outsourcing contract with Tata Consultancy Services, India’s biggest computer-services provider. The TCS contract has yet to be formally announced, but the move comes as the IMF is facing a budget crunch, with a projected shortfall of $105 million in fiscal year 2007. The Fund has already established an investment account (see Update 51) and in January decided to suspend contributions to its special contingency account in the second half of the fiscal year. An eminent persons committee investigating sustainable long-term financing options for the IMF’s administrative budget has yet to report on its findings.
IMF outsources to abate cash crunch
31 January 2007