G20 must finalize IMF quota reform: South Korean official

10:57, October 05, 2010      

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The G20 members must finalize reform of the International Monetary Fund (IMF) system by giving more representation to developing countries at a summit next month in Seoul, a South Korean senior official said on Monday.

"In order to maintain the effectiveness of the G20, I think our leaders have to deliver this outcome," Rhee Changyong, secretary general of the Presidential Committee for the G20 Summit, told reporters on the sidelines of the eighth Asia-Europe Meeting (ASEM), which kicked off today in Brussels.

"This IMF quota reform is very symbolic and also is very important," he added.

South Korea will be the host of the next G20 summit in November. The G20 leaders agreed to a shift of at least five percent in the IMF quota share to dynamic emerging market and developing countries at a summit in September last year in Pittsburgh of the United States.

They also committed themselves to a deadline for a completion of the shift at G20 summit in Seoul.

Rhee said clear quantitative target and deadline have been laid down by G20 leaders, so any failure to deliver this time would put the credibility of the G20 at risk.

"If you do not meet these things, I think media and public opinion would say that the G20 can not deliver these important targets," he warned.

Source: Xinhua


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