Brics economies increase IMF funds contribution

flickr-401K 2012

The Brics nations are set to increase their contribution to the International Monetary Fund (IMF) in order to help prevent any future financial crisis. 

The five largest growing economies in the world agreed to boost the IMF's finances under the condition that they will have a greater say at the fund. They also demand that the reforms agreed upon in 2010 will be fully implemented. 

The IMF has been seeking to build up its reserves, so that it can provide help to economies hit by debt crisis. It already lent money to Greece and the possibility that it will need to rescue other economies, such as Spain and Italy's, is high. 

China, the world's second largest economy, will contribute to the fund with $43 billion. India and Russia increase their contribution by $10 billion each.