India to invest $10 billion in IMF: Pranab

I-G

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India to invest $10 billion in IMF: Pranab
IANS 4 September 2009, 10:38pm IST


LONDON: India is to invest up to $10 billion in the International Monetary Fund as part of a major thrust to wrest a greater say in the running of
international financial institutions, finance minister Pranab Mukherjee announced on Friday.

"India has decided to invest up to $10 bn of its reserves in notes issued by the IMF," Mukherjee said after a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London.

The Indian pledge is part of a total of $80 billion that the four BRIC countries will invest into the IMF in order to replenish its fund aimed at helping out countries that are struggling in the current financial crisis.

China will account for $50 billion of this amount, and the rest will be borne by India, Russia and Brazil.

In return, the BRIC countries want a greater say in the running of the IMF and other international financial institutions such as the World Bank, including a larger share of quotas and voting, said Brazil's Finance Minister Guido Mantega.

Part of the BRIC meeting was joined by US Treasury Secretary Timothy Geithner in a move that Mukherjee described as "an acknowledgement of the group's emergence as a key voice in global economic and financial issues".

India to invest $10 billion in IMF: Pranab - India - NEWS - The Times of India
 

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India to lend up to USD 10 bn to IMF

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Share Print E-mail Comment[ - ] Text [ + ]STAFF WRITER 21:54 HRS IST
New Delhi, Sep 4 (PTI) India today said it will lend up to USD 10 billion to the International Monetary Fund to make funds available to countries in need.

"India intends to make available up to USD 10 billion to shore-up the resources of the IMF," an official statement said.

The statement, however, added this will not load the government and not further stretch its resources.

It is quite a change that India, which had to resort to IMF financing till the early 1990s on a few occasions, is now participating in an international effort to make resources available to the fund for lending to nations in need.
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Pintu

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That is simply a great news and a great step towards ensuring our right of freedom in IMF , and bolster our position to avoid ADB , like incident.

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K Factor

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This step was required to have a stronger say in the affairs of the IMF. A very good step forward in the right direction.
 

macintosh

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That is simply a great news and a great step towards ensuring our right of freedom in IMF , and bolster our position to avoid ADB , like incident.
I simply refute your argument as China is going to invest $50 Billion which is anyways more than $10 Billion. Thus ADB like accidents will continue if China wants as this investment doesn't in anyway preempt that.

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Pintu

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I simply refute your argument as China is going to invest $50 Billion which is anyways more than $10 Billion. Thus ADB like accidents will continue if China wants as this investment doesn't in anyway preempt that.

Regards

I do counter argue your refute of my argument , as this is done for simply not to compete with China , but have a greater say in the organisation, as present India has unlike other member nation , $ 10 bn is not a lesser amount, what I meant to say , it is a step for avoiding the repetition of the ADB incident. What I have said in my post : 'it is a step'.

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badguy2000

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I simply refute your argument as China is going to invest $50 Billion which is anyways more than $10 Billion. Thus ADB like accidents will continue if China wants as this investment doesn't in anyway preempt that.

Regards
well, in such games, the thicker-checkbook owners always has edge.
and unforunately to India, China has the thickest checkbook now.
 

Pintu

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well, in such games, the thicker-checkbook owners always has edge.
and unforunately to India, China has the thickest checkbook now.

badguy , what I have said that this is a step towards to have greater say in the body , not to compete with china , the contribution in lesser amount does not simply give lesser importance to a member but also the significance of the contribution, that is essential, I therefore requesting all the respected members not to derail the thread to again another China-India comparison thread.


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macintosh

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I do counter argue your refute of my argument , as this is done for simply not to compete with China , but have a greater say in the organisation, as present India has unlike other member nation , $ 10 bn is not a lesser amount, what I meant to say , it is a step for avoiding the repetition of the ADB incident.

Regards
Then how can it be a step for avoiding the repetition of ADB accident. In case of ADB china was trying to block and India used diplomacy to got over it. Now if India will go to IMF for loan to Arunachal , then china is going to try to block it too. And India may get over it not becoz of $10 Billion but again becoz of diplomacy as US, Japan, EU holds the key. So the $10 Billion will not preempt any such incident. It will only make BRIC have a greater say in financial working of IMF. So it's like together we(India & China) stand divided we fall as US will try it's best to exploit any differences to make BRIC insignificant in IMF.

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Pintu

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Then how can it be a step for avoiding the repetition of ADB accident. In case of ADB china was trying to block and India used diplomacy to got over it. Now if India will go to IMF for loan to Arunachal , then china is going to try to block it too. And India may get over it not becoz of $10 Billion but again becoz of diplomacy as US, Japan, EU holds the key. So the $10 Billion will not preempt any such incident. It will only make BRIC have a greater say in financial working of IMF. So it's like together we(India & China) stand divided we fall as US will try it's best to exploit any differences to make BRIC insignificant in IMF.

Regards.
The investment in IMF is plan which is influenced by diplomacy , for any country who simply does want to have greater say in world Financial body , has desire to secure the economic future of the nation , they do it diplomatically ; contribution through finance is a part of it, and economic future of the nation in world financial body is a part of diplomacy of any country, what I do opine that individual interest of a country comes first than a block or group of nations, in which it is a part.

Regards
 

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