Global General

IMF urged to complete quota reform by mid Nov

(Xinhua)
Updated: 2010-06-28 05:28

TORONTO, Canada - Group of 20 leaders urged the International Monetary Fund (IMF) to accelerate its quota reform, according to a final draft of G20 Toronto summit communique obtained by Xinhua on Sunday.

"We called for an acceleration of the substantial work still needed for the IMF to complete the quota reform by the Seoul Summit and in parallel deliver on other governance reforms, in line with commitments made in Pittsburgh," the document said.

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World leaders agreed to shift at least 5 percent of the IMF' quota to developing countries in the previous G20 summit in Pittsburgh in September 2009,

The next round of G20 summit, which will be held in November 11- 12 in Seoul, will be the first time that the premier forum of international economic forum to be hosted by a developing country.

Besides, G20 leaders call for international financial institutions IFIs including the IMF and World Bank to further reform its senior leadership selection process.

"Today we build on our earlier commitment to open, transparent and merit-based selection processes for the heads and senior leadership of all the IFIs," the document said, "We will strengthen the selection process in the lead up to the Seoul Summit in the context of broader reform."

This move is considered as a step of progress for the IFIs to improve its legitimacy, credibility and effectiveness.