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I know impart means "to give" and is used commonly with knowledge, as in "impart knowledge"...but can I say that a government scheme "imparted money" to the beneficiaries?

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Oxford English Dictionary states:

1. Make (information) known.
   'the teachers imparted a great deal of knowledge to their pupils'

1.1 Bestow (a quality)
    'shiitake mushrooms impart a wonderfully woody flavour to the salad'

As you are neither imparting information nor a quality I would say no. Also, as a native speaker it sounds awkward.

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    I think your answer explains it... money is neither information or a quality. The OP might be onto something if they want to say "a quality resulting from the possession of money" "Wealth" might work" and "liquidity" probably does work. Perhaps: "The Federal Reserve imparted liquidity into the banking system in crisis with their infusion of cash." Money wasn't imparted however the infusion of money imparted the result from having more money.
    – Tom22
    Commented Jun 2, 2017 at 20:22
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From my perspective, impart more accurately would mean 'to share', which is not exactly what a government does. I would favor 'bestow', 'dispense', 'distribute', 'allocate' or if the tone is more nefarious 'embezzled'.

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