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G20 countries disappointed over lack of progress in IMF reform — draft communique

The leaders of the G20 group of advanced and leading emerging market economies agreed in Seoul in 2010 on reviewing the IMF’s quotas in favor of emerging markets

© EPA/JIM LO SCALZO

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ISTANBUL, February 10. /TASS/. The G20 Group is dissatisfied over the pace of the IMF’s reform and urges the United States to ratify an agreement on the institution’s reformation, a draft communique of G20 finance ministers and central bank governors said on Tuesday.

"We stay deeply disappointed over continued delays in progress of the IMF’s governance and quota reforms agreed in 2010," the document said.

"Considering the importance of these reforms to keep trust for the IMF, its legitimacy and efficiency, we confirm that their quickest implementation remains a priority for the fund. We continue urging the United States to ratify the 2010 reform as soon as possible," the draft communique said.

The leaders of the G20 group of advanced and leading emerging market economies agreed in Seoul in 2010 on reviewing the IMF’s quotas in favor of emerging markets and developing countries to better reflect ongoing changes in the world.

The IMF’s 14th quota review stipulates that the Fund’s quotas should be doubled from 238.4 billion Special Drawing Rights (SDRs) to SDR 476.8 billion. The review also envisages a more than 6% quota shift from over-represented developed countries to under-represented developing countries.

The United States, which has a quota of 17.69% of SDRs and 16.75% of votes, has not ratified the quota review until now.

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