India pledges $10 bn to IMF for Eurozone

Editors' Picks

  • Van Gaal seeking galactico touch for resurgent United

    Van Gaal seeking galactico touch for resurgent United

    Van Gaal seeking galactico touch for resurgent United

    By Ian Chadband LONDON (Reuters) - Louis van Gaal wants to recruit a new galactico match-winner for Manchester United in a bid to fulfil his ambition of bringing another Premier League title to Old Trafford before he walks away from the club in two years. Van Gaal, who vowed to stick to his promise to retire in 2017, cut an upbeat figure after the tour win over European champions Barcelona, suggesting that in his second year at the United helm his side could be ready for a more concerted …

  • Argentine goalkeeper Romero joins Man Utd

    Argentine goalkeeper Romero joins Man Utd

    Argentine goalkeeper Romero joins Man Utd

    (Reuters) - Manchester United have confirmed the signing of Argentina goalkeeper Sergio Romero on a three-year deal, reuniting manager Louis van Gaal with a player who helped bring him a Dutch title but also caused him World Cup heartache. The 28-year-old, who played under Van Gaal at Dutch side AZ Alkmaar, joins United as a free agent after leaving Sampdoria at the end of his contract. "To play for the biggest club in the world is a dream come true for me," he told United's website. …

  • Mexico beat Jamaica for CONCACAF Gold Cup

    Mexico beat Jamaica for CONCACAF Gold Cup

    Mexico beat Jamaica for CONCACAF Gold Cup

    Mexico spoiled Jamaica’s first trip to the CONCACAF Gold Cup Final with a dominant 3-1 triumph on Sunday that gave them a record seventh Cup title. Jamaica had become the first Caribbean team to reach the final, but El Tri stole the storyline at Philadelphia's Lincoln Financial Field by winning their third Cup championship from the last four played. Despite a fast and inspired start by the Jamaicans, Mexico quickly turned the tide and got goals from Andres Guardado, Jesus Corona and Oribe …

  • Manchester United sign goalkeeper Sergio Romero

    Manchester United sign goalkeeper Sergio Romero

    Manchester United sign goalkeeper Sergio Romero

    Sergio Romero becomes Manchester United's 5th signing of the summer …

  • Di Maria 'no show' adds fuel to rumours of PSG move

    Di Maria 'no show' adds fuel to rumours of PSG move

    Di Maria 'no show' adds fuel to rumours of PSG move

    Manchester United manager Louis van Gaal "does not know why" Angel Di Maria has not joined the Premier League club's pre-season tour of the U.S following media reports the winger is close to signing for Paris St-Germain. The 27-year-old Argentina international, who joined United for a British record transfer fee of 59.7 million pounds ($92.59 million) last year, was expected to travel to the U.S after being given extended leave following the Copa America. …

  • Reports: Manchester United in talks to sign Barcelona forward Pedro

    Reports: Manchester United in talks to sign Barcelona forward Pedro

    Reports: Manchester United in talks to sign Barcelona forward Pedro

    Manchester United will have to meet Pedro's £22million release clause to sign him from Barcelona …

Los Cabos (Mexico), June 19 (IANS) India Monday pledged $10 billion to the International Monetary Fund (IMF) to help Eurozone countries out of the current crisis and prevent adverse fallout on emerging economies.

"The International Monetary Fund has a critical, supportive role to play in stabilizing the Eurozone. All members must help the fund to play this role," the prime minister told the G20 Summit here.

"I am happy to announce India has decided to contribute $10 billion to IMF's additional firewall of $430 billion," he said, also appealing to countries with surpluses such as China to make similar contributions.

The prime minister began by congratulating the new government in Greece that is about to take office, as it has given hope that the debt-laden country will stay in the Eurozone and take up critical reforms.

"We wish them well and are encouraged by the early statements of intent."

He, nevertheless, said the crisis in Eurozone remained worrying, as it was pulling down even emerging economies such as India and China, which were earlier on a high growth path.

"This calls for policy action on several fronts. Of greatest concern at present is the uncertainty affecting the Eurozone. The sovereign debt crisis and the banking crisis now on the horizon have grave implications for the health of the entire global economy."

The prime minister again laid emphasis on infrastructure investment as he had in earlier G20 Summits, saying less developed and emerging economies were also facing serious problems because of the global crisis.

"Infrastructure investment in developing countries assumes special importance in this context. It lays the foundation for rapid growth in the longer term, while providing an immediate stimulus for their economies and also for the global economy, by providing a robust source of demand."

But more infrastructure investment in developing world is only possible if they get access to long-term capital, he said, adding: "Multilateral development banks can play a major role in this context."

Efforts were underway in India to spruce up infrastructure with massive investment and ambitious targets, he said.

The prime minister said while the performance of the Indian economy, now growing at 6.9 percent as against 8.4 percent in 2010-11, may look good to the world outside, it was not enough and that citizens expected more.

"Yet the fundamentals of the Indian economy remain strong and we are confident of bringing back the rhythm of high growth of 8-9 percent per annum."