India pledges $10 bn to IMF for Eurozone

Editors' Picks

  • Sarcastic Van Gaal denies United rift with Giggs

    Sarcastic Van Gaal denies United rift with Giggs

    Sarcastic Van Gaal denies United rift with Giggs

    Manchester United manager Louis van Gaal reacted angrily on Thursday to suggestions he had fallen out with assistant Ryan Giggs. "We have a very bad relationship," the Dutchman said with heavy sarcasm when asked about their relationship at a news conference ahead of the FA Cup quarter-final against Arsenal at Old Trafford on Monday. I am not pleased." British media had questioned the relationship between the manager and Giggs after the United great, sitting alongside Van Gaal at Wednesday's …

  • FA charges Cisse and Evans for spitting

    FA charges Cisse and Evans for spitting

    FA charges Cisse and Evans for spitting

    Newcastle United striker Papiss Cisse and Manchester United defender Jonny Evans will face charges of spitting at each other during a Premier League match on Wednesday. The Football Association said the incidents, unseen by match officials, had been caught on video and reviewed by a three-man panel of former elite referees who agreed unanimously that both should have been sent off. While Cisse has already apologised for his behaviour, Northern Ireland international Evans issued a statement …

  • Newcastle United 0-1 Manchester United: Player Ratings

    Newcastle United 0-1 Manchester United: Player Ratings

    Newcastle United 0-1 Manchester United: Player Ratings

    Rating the performances of both Newcastle and Manchester United's performances in the latter's 1-0 win last night. …

  • Manchester United – A graveyard for modern playmakers?

    Manchester United – A graveyard for modern playmakers?

    Manchester United – A graveyard for modern playmakers?

    Manchester United have always been an attacking team, a team that look to go forward given a small chance. However, the last couple of seasons have seen them struggle for creativity, and yet, they haven't found a place in the team for their playmakers - Shinji Kagawa and Juan Mata. …

  • Referee East back in action after wrongful Brown dismissal

    Referee East back in action after wrongful Brown dismissal

    Referee East back in action after wrongful Brown dismissal

    LONDON (Reuters) - Referee Roger East returns to action in the Premier League on Tuesday, a day after the FA ruled he mistakenly dismissed Sunderland defender Wes Brown at Old Trafford on Saturday. East will be the fourth official when Southampton host Crystal Palace, having come in for heavy criticism for sending off former Manchester United defender Brown at his former club at the weekend for a foul on Radamel Falcao. ... …

  • Van Gaal urges patience over misfiring Di Maria

    Van Gaal urges patience over misfiring Di Maria

    Van Gaal urges patience over misfiring Di Maria

    Manchester United must be patient with record signing Angel di Maria who has struggled to make an impact in his first season at the club, manager Louis van Gaal said on Tuesday. "Every player can have that kind of match -- Di Maria is not the only player who has suffered a bad day," Van Gaal told a news conference on Tuesday. "I have already explained that the higher rhythm of the Premier League is one of the most important aspects," Van Gaal added. "I think it counts for all the players …

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."

Most Popular Stories