India need not transfer $10 bn into IMF right away

June 21, 2012

India may not be required to infuse $10 billion (Rs 55,000 crore) it promised at the G20 to the International Monetary Fund (IMF) for bailing out debt-trapped Euro zone if the global economic situation gets better
The amount to be transferred will be completely liquid and will remain part of our reserves as the IMF guarantees contributors that it will be obtainable if the need arises
As per the officials the circumstances have not arrived a point where the amount promised by India would have to be injected into the IMF
The G20 countries reacted to the need to augment the resources of the IMF to facilitate it to play its part in the current situation.
Out of $75 billion pledged by the BRICS group, India committed $10 billion
Total commitments that have been made so far amount to almost $460 billion

As per PM Manmohan Singh :

There was consensus among all countries to shift policies to strengthen growth and reduce uncertainty over Euro zone
The summit restated to resist protectionist measures and extended it to 2014
Los Cabos Declaration reflected India’s views that investment on infrastructure in developing countries could play a major role in strengthening development and in invigorating global recovery. For this to happen Multilateral Development Banks should be strengthened
Significant Issues including progress in regulatory reform, food security, agricultural productivity, anti-corruption measures and green growth were also talked over