$ 80 Billion pledge to IMF by BRIC

As part of a major thrust to wrest a greater say in the running of international financial institutions the four major developing economies of the world BRIC (Brazil, Russia, India and China) decided to invest $ 80 Billion into the IMF in order to replenish its fund aimed at helping out countries that are struggling in the current financial crisis.

India decided to invest up to $10 bn of its reserves in notes issued by the IMF. This was declared by Finance Minister Pranab Mukherjee after a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London in September 2009.

China accounted for maximum 50 billion and please note that Brazil was the first latin american country ever to join this drive by bearing 10 billion along with Russia and india $ 10 billion each.