India to lend up to $10 bn to IMF

NEW DELHI: India on Friday said that it will lend up to $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.