Although use of reserves for such purposes does not meet the criterion of reserve management objectives, a special and limited window has been created. Accordingly, IIFC (UK) Ltd. was incorporated in London and was set up in April 2008.
7 See J. F. Kennedy: Annual message to the Congress on the State of the Union. January 1962 8 See Rancière, R. and A. Tornell (2016), Why Do Reforms Occur in Crises Times? USC-INET Research Paper  No. 16–19 and Dias Da Silva et al. (2017), When do countries implement structural reforms?