Pittsburgh, Sep 26 (Xinhua) The Group of 20 (G20) nations Friday agreed to increase the voting power of developing countries at the International Monetary Fund (IMF) by at least five percent.
“We are committed to a shift in IMF quota share to dynamic emerging markets and developing countries by at least five percent from over-represented countries to under-represented countries using the current quota formula,” G20 leaders said here in a statement.
“Today we have delivered on our promise to contribute over $500 billion to a renewed and expanded IMF New Arrangements to Borrow (NAB),” the leaders said in the statement after a two-day G20 summit here in the US state of Pennsylvania.
