India announces USD 10 billion for debt-wracked eurozone

Answer 1

India has pledged $10 billion for an International Monetary Fund (IMF) firewall aimed at preventing a worsening of the global financial crisis in the Eurozone.

The announcement was made at the G20 summit in Mexico amid hopes that all nations would increase contributions to the IMF bailout fund which currently consists of $430 billion.  

Countries are also calling for the Eurozone to have a larger bailout fund to fight its financial crisis before they contribute to the IMF bailout fund.

Including India, the member nations of the BRICS bloc, Brazil, Russia, China and South Africa, have pledged contributions of $60 billion to the IMF bailout fund.