India did not have any plan to go for a sovereign borrowing as of now, finance secretary D C Gupta told Business Standard in Dubai.
"There is absolutely no need for it now," he said. The country had strong foreign exchange reserves of about $ 88 billion and any pre-payment of external debt would be met through domestic borrowings, he added.
According to Gupta, there is no proposal as of now for raising sovereign debt. This puts to rest speculation in the recent past about any government proposal to test the waters in the global bond market.
Gupta said the annual meetings of the International Monetary Fund and the World Bank, which concluded today, gave a "wake-up" call to the developed world.
Though the collapse of the World Trade Organisation talks in Cancun did cast a shadow over the meetings, it was agreed that the countries should come to the negotiating table.
"India's stated position has been that the talks should be under the multilateral framework and it has not changed," he said.
The finance secretary, who represented India in the World Bank Development Committee meeting, also said a strong case was made for undertaking structural changes to increase the voice of developing countries in the decision-making of the multilateral institutions such as the World Bank and the IMF.
As far as millennium development goals were concerned, Gupta said it was widely acknowledged that India was doing very well on almost all the parameters.
"We have, however, said there are large needs which are to be met," he said, adding that most developing countries would not be able to achieve the goals by 2015, despite their best efforts.
Gupta said India stressed the need for enhanced allocation and also wanted a change in the criteria used for determining the quantum of aid.
"The criteria should be based on needs and performance of individual countries," he said.
Further, he said, the route for aid flow should be the multilateral institutions.