India to invest up to USD 10 bn to supplement IMF resources

H S Rao

London, Sep 5 (PTI) As part of efforts to have a greater
say in the running of the international financial
institutions, India has decided to invest up to USD 10 billion
from its reserves to supplement the International Monetary
Fund (IMF) resources.

"India has decided to invest up to 10 billion dollars of
its reserves in notes issued by the IMF," Finance Minister
Pranab Mukherjee told reporters here Friday night after the
BRIC (Brazil, Russia, India and China) ministerial meeting
ahead of a G-20 conference.

Mukherjee said "the G-20 egged governments on to adopt an
aggressive monetary and fiscal stance, and was particularly
successful in raising reforms for International Financial
Institutions that played a major role in stabilising
developing country markets.

The communique issued at the end of the BRIC Finance
Ministers' meeting said "for us, IMF notes or bonds are the
best option to provide immediate resources to the IMF without
undermining the quota reform process.

"We are together contributing USD 80 billion to
supplement the resources of the IMF. The IMF is a quota-based
institution and should remain so. We propose that the next
quota review should at least double the overall size of
quotas." (More) PTI