The five nation group referred to as BRICS will jointly contribute a total of $75 billion to the IMF's $430 billion bailout fund for the Eurozone countries that are reeling under the sovereign debt crisis.

The contribution was announced at an informal meeting of BRICS Leaders just before the opening of the seventh G20 Summit at a resort town in Mexico. The BRICS comprise of Brazil, Russia, India, China and South Africa.

Out of the total $75 billion, China will contribute $43 billion while the contribution from Russia, India and Brazil will be $10 billion each. The new member to the group, South Africa will contribute is $2 billion towards the fund. BICS leaders agreed that the crisis in the Eurozone threatened the global economic growth and it requires cooperative response from the world community.

The leaders agreed that the IMF should have more resources to help tackle the problem and decided to increase their own contribution towards eh fund's activities. An official statement said that these resources will only be utilized when existing resources are extinguished.

"This would promote adequate burden sharing amongst IMF creditors. These new contributions are being made in anticipation that all the reforms agreed upon in 2010 will be fully implemented in a timely manner, including a comprehensive reform of voting power and reform of quota shares," the statement said.