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Contingency fund
A contingencies fund or contingency fund is a fund for emergencies or unexpected outflows, mainly economic crises.
The European Union created a vast contingency fund in 2010 to counteract the Great Recession.
European finance ministers, the European Central Bank (ECB), and the International Monetary Fund (IMF) took steps to address the government debt crisis in Europe, which began in Greece, by establishing a joint EU-IMF program to provide access to nearly $1 trillion in loans for the 16 eurozone nations in the event that they faced difficulties in borrowing from world bond markets.
The program aimed to give Greece financial stability to balance its budget, restructure its economy, and avoid borrowing from the open market.
Overall, the initiatives sought to restore confidence in European governments and safeguard the nascent global economic recovery.
Article 267(1) of the Indian Constitution authorised the establishment of a contingency fund of India.
Accordingly, in 1950, the Indian Parliament enacted the Contingency Fund of India Act 1950. The Contingency Fund of India exists for disasters and related unforeseen expenditures.
The fund is administered by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action. In 2005, it was raised from Rs. 50 crore to Rs 500 crore. In 2021, it was proposed to raise the fund to Rs 30,000 crore.
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Contingency fund
A contingencies fund or contingency fund is a fund for emergencies or unexpected outflows, mainly economic crises.
The European Union created a vast contingency fund in 2010 to counteract the Great Recession.
European finance ministers, the European Central Bank (ECB), and the International Monetary Fund (IMF) took steps to address the government debt crisis in Europe, which began in Greece, by establishing a joint EU-IMF program to provide access to nearly $1 trillion in loans for the 16 eurozone nations in the event that they faced difficulties in borrowing from world bond markets.
The program aimed to give Greece financial stability to balance its budget, restructure its economy, and avoid borrowing from the open market.
Overall, the initiatives sought to restore confidence in European governments and safeguard the nascent global economic recovery.
Article 267(1) of the Indian Constitution authorised the establishment of a contingency fund of India.
Accordingly, in 1950, the Indian Parliament enacted the Contingency Fund of India Act 1950. The Contingency Fund of India exists for disasters and related unforeseen expenditures.
The fund is administered by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action. In 2005, it was raised from Rs. 50 crore to Rs 500 crore. In 2021, it was proposed to raise the fund to Rs 30,000 crore.