G-20 committed to early conclusion of IMF quota reforms
St. Petersburg (Russia): The G-20 Summit today said it is committed to completing the quota reforms of the International Monetary Fund (IMF) to provide greater voice and representation to emerging market countries.
"We remain committed, together with the whole IMF membership, to agree on the quota formula and complete the 15th General Quota Review by January 2014 as agreed at the Seoul Summit and reiterated in Cannes and Los Cabos," the G-20 Leaders' Declaration said.
The reforms should better reflect the relative weights of IMF members in the world economy, which have changed substantially in view of strong GDP growth in dynamic emerging market and developing countries, it said, adding, "We reaffirm the need to protect the voice and representation of the IMF poorest members as part of this General Review of Quotas."
Improving the voting share of developing countries and achieving a better representation on the IMF Board have been a key part of the G-20 agenda.
Welcoming the commitment made by different countries to temporarily increase IMF resources by USD 461 billion, it said these efforts demonstrate the international community's determination to enhance the funding agency's role in crisis prevention and resolution and thus contribute to safeguarding global financial stability.
The G-20 leaders also expressed their support to the implementation of the IMF-World Bank Debt Sustainability Framework for Low-Income Countries.
"We ask the IMF and the World Bank to continue assisting low-income countries at their request in developing prudent medium-term debt management strategies and enhancing their debt management capacity," the declaration said.