G20 leaders forge 'preliminary' agreement on IMF quotas | business | Hindustan Times
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G20 leaders forge 'preliminary' agreement on IMF quotas

business Updated: Sep 25, 2009 22:53 IST

Group of 20 leaders on Friday reached "preliminary consensus" on giving greater representation at the International Monetary Fund to emerging economies, a top Chinese official said.

"As things stand now, we believe that all parties have the strong will to accelerate reform of the IFIs (international financial institutions," Chinese Vice Foreign Minister He Yafei said on the sidelines of the G20 summit of developing and developed nations in Pittsburgh.

"Some already agree that the quota of the IMF should be adjusted and preliminary consensus has aready been reached on specific number and share of the quota, and you will learn about that this afternoon," he told reporters as the leaders held their talks.

Brazil, Russia, India and China, known as the BRIC countries, called in September for a quota reduction of the most developed countries to 50 per cent, from 57 per cent.

The United States has proposed that over-represented developed countries -- an indirect way of designating European countries -- transfer 5.0 per cent of their voting rights to the under-represented, a move that would mainly benefit China.