G20 reaffirm commitment to growth, job creation

Members of the G20 have reaffirmed their commitment on growth and job creation and moved forward in ensuring accountability to their assurances at the seventh summit of the G20 nations.

 India and four other countries of the five-nation BRICS bloc has given a big boost to IMF’s 430 billion US Dollars bailout fund for the debt wracked 17 nation Eurozone pledging to contribute 75 billion US Dollars with New Delhi’s contribution being 10 million US Dollars.
 

Funds were forthcoming from the participant countries to bolster the firewall fund of IMF to mitigate the euro crisis to over 450 billion dollars as against 430 billion dollars indicated earlier.

Besides India, other nations in BRICS are China, Russia, Brazil and South Africa.

China has agreed to contribute 43 billion US Dollars while the contribution from Russia and Brazil will be 10 billion US Dollar each.

The South African contribution is 2 billion US Dollars.

World leaders meeting at G20 summit had urged Europe to take all necessary measures to overcome the Eurozone debt crisis.

Prime Minister Dr. Manmohan Singh has said that mere austerity measures may not be the only solution to the prevailing Eurozone Crisis.

He was addressing the Plenary Session of the seventh G 20 summit in Mexico.

Dr. Singh said India is committed to execute tough internal reforms like curtailing subsidies, in order kick start growth process.

The Prime Minister announced that India would contribute 10 billion dollar to the IMF’s 430 billion fund to tide over the Eurozone crisis.

Calling upon the G20 to send a strong signal that Eurozone countries will make every effort to protect banking systems, Dr. Singh expressed concern that the resources available may not adequate enough to deal with spread of financial crisis.