India to lend up to USD 10 bn in IMF: Pranab
London: India is to invest up to $10 billion in the International Monetary Fund as part of a major thrust to wrest a greater say in the running of international financial institutions, Finance Minister Pranab Mukherjee announced on Friday.
"India has decided to invest up to $10 bn of its reserves in notes issued by the IMF," Mukherjee said after a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London.
The Indian pledge is part of a total of $80 billion that the four BRIC countries will invest into the IMF in order to replenish its fund aimed at helping out countries that are struggling in the current financial crisis.
China will account for $50 billion of this amount, and the rest will be borne by India, Russia and Brazil.
In return, the BRIC countries want a greater say in the running of the IMF and other international financial institutions such as the World Bank, including a larger share of quotas and voting, said Brazil`s Finance Minister Guido Mantega.
Part of the BRIC meeting was joined by US Treasury Secretary Timothy Geithner in a move that Mukherjee described as "an acknowledgement of the group`s emergence as a key voice in global economic and financial issues".
More from India
More from World
More from Sports
More from Entertaiment
- Essel Group Chairman Dr Subhash Chandra honoured in Haryana
- Watch: PM Modi's 23rd edition of Mann ki Baat
- Vishal Dadlani apologises after tweet on Jain monk backfires
- Panel discussion on Vishal Dadlani's controversial tweet on Jain monk
- Panel discussion on Vishal Dadlani's controversial tweet on Jain monk - Part II
- Italy mourns quake victims, death toll rises to 291
- Kriti Sanon can't wait to watch 'MS Dhoni - The Untold Story'
- Indian women's hockey stars humiliated, made to sit on floor of train on way back home from Rio
- Donald Trump vows 'tracking system' to deport everyone whose visa expires
- Rockets fired at Turkey's Diyarbakir airport