'However, we believe that Europe should not wait for these pledges and should announce rapidly the amount of its own contribution,' they added.

G20 leaders, including Prime Minister Manmohan Singh, agreed at their London summit in April to add $500 billion to the IMF, particularly to help poor countries grapple with the credit crunch - part of a massive $1.1 trillion rescue package announced by British premier Gordon Brown at the summit.

The EU had then offered to provide about $100 billion, but France and Germany earlier this week said that sum should be raised to $175 billion.

Britain has urged Europe to set an example and do more to meet the target of $500 billion pledged to the IMF. Britain has agreed to lend up to $15 billion to poorer economies and is willing to provide up to $11 billion more as part of an EU package.

The G20 comprises Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the US and the European Union.