India to give IMF $10 billion boost
Sarju Kaul London Union finance minister Pranab Mukherjee, attending his first G-20 meeting, on Friday afternoon announced that India would contribute $10 billion from its reserves in the Bric combined contribution of $80 billion to supplement the resources of the International Monetary Fund. China has already contributed $50 billion and the remaining sum will be divided between Russia and Brazil. Despite American insistence that the Bric governments provide new resources to the IMF through its New Arrang-ement to Borrow (NAB), the Bric nations made it clear that demand for added resources should not be used to put off quota reforms in the international financial institutions. "The Bric nations are not too happy with NAB," Brazilian foreign minister Guido Mantega said and added that the Western nations "should change rules to reflect the new economic scenario in the world". The Bric nations also agreed to a joint stand on the issue of IMF and World Bank quota ref...