Photo: una nos lucror via Flickr
This week the Indian government sought parliamentary approval to lend Rs 9,003 crore (over $2 billion) to the IMF’s European bailout funds, reports the Times of India.The money will be a part of the New Arrangements to Borrow (NAB) to help bail out countries such as Greece.
While the amount is only a small part of the overall fund’s $500 billion, it certainly is a sign of how the times are changing — It was just 20 years ago India had their own bailout from the IMF to the tune of $6 billion.
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