June 19, 2012 12:40 PM

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India to give $10 billion more to IMF to prevent further economic crisis

The Prime Minister Dr Manmohan Singh has announced that India will contribute an additional 10 billion dollars to the IMF to help it promote adequate funds among creditors and prevent further economic crisis. Addressing the Plenary session of the G-20 Summit in Los Cabos , he said the IMF has a critical supportive role to play in stabilizing the Eurozone and all member nations must help the agency play the role of a stabilizer.Describing the global economic situation as deeply worrying , Dr Singh said the sovereign debt and that banking crisis in Eurozone has grave implications for the health of the entire global economy.The Prime Minister pointed out that less developed and developing countries were facing serious problems because of the global crisis. He said investment in infrastructure in developing countries will lay the foundation for rapid growth in the longer term besides providing an immediate stimulus for their economies.Dr. Singh said the G -20 grouping must take steps to substantially expand the resource base of Multilateral development banks to ensure that they have resources to help developing countries pursue their development goals.On the slowdown in emerging economies including India, the Prime Minister said global downturn and internal constraints have impacted the growth. He said corrective steps are being taken tackle the internal problems.

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