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G20 Reaches Landmark Deal On IMF Reform


Participants of the G20 Finance Ministers and Central Bank Governors say they have agreed to far-reaching reforms

Participants of the G20 Finance Ministers and Central Bank Governors say they have agreed to far-reaching reforms

Finance officials from the world's leading economies have agreed to far-reaching reforms of the International Monetary Fund, giving more weight in IMF decision-making to fast-growing developing nations.

Details of the agreement have not been officially released yet, but negotiators said the changes would give more voting rights and shares to developing countries like China and India to reflect their economic power.

IMF Managing Director Dominique Strauss-Kahn told reporters the reforms were "the biggest ever" in the history of the 187-nation institution which was set up after World War Two as the watchdog of the world financial system.

The reforms have been debated for years and could take up to a year to finalize.

They were agreed on the second and final day of a meeting of finance ministers and central bankers of the Group of 20 leading developed and developing economies in South Korea.

compiled from agency reports
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