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India helps build eurozone firewall

India has announced a USD 10 billion contribution to the International Monetary Fund’s additional USD 430 billion financial firewall to help the debt-ridden 17-nation eurozone, so that the faltering world economy is protected against the spread of any financial contagion.

The announcement of the contribution was made by Prime Minister Manmohan Singh on Tuesday in his address at the Plenary Session of the seventh summit of the group of developed and developing countries G20 in this Mexican resort town against the backdrop of growing calls to nations to increase contributions to the IMF for the bailout fund.

India’s contribution, along with pledges by other member countries of the five-nation BRICS bloc, has helped increase IMF’s resources and give a boost to the 430 billion USD fund being used as a firewall to support the struggling eurozone economies.

‘The International Monetary Fund has a critical supportive role to play in stabilising the eurozone. I am happy to announce that India has decided to contribute 10 billion USD to the IMF’s additional firewall of 430 billion USD,’ he told the world leaders at the seventh group summit.
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