G20 Seoul Summit agrees 6 pct shifts of IMF quota shares to developing countries

The G20 Seoul Summit has confirmed the 6-percent shift of quota shares to emerging economies in the International Monetary Fund, according to the joint communique issued Friday afternoon at the end of the summit.

"Today, we welcomed the ambitious achievements by the Finance Ministers and Central Bank Governors at the Gyeongju Meeting and subsequent decision by the IMF, on a comprehensive package of IMF quota and governance reforms," said the communique.

The reform are an important step toward a more legitimate, credible and effective IMF, by ensuring that quotas and Executive Board composition are more reflective of new global economic realities, it said.

The IMF reform, it said, would continue the dynamic process aimed at enhancing the voice and representing of emerging market and developing countries, including the poorest, through a review of the quota formula by January 2013.

And the next general review of quotas would be completed by January 2014, it said.

Source:Xinhua