G20 strikes deal on IMF reform -G7 source

GYEONGJU, South Korea (BestGrowthStock) – The Group of 20 leading economies has reached agreement on a set of reforms to the way the International Monetary Fund is governed, a source from one of the Group of Seven rich countries said on Saturday.

“A breakthrough on the IMF has been reached,” the source, speaking on the sidelines of a meeting of G20 finance ministers and central bank governors, said.

The G20 agreed a year ago to shift 5 percent of IMF voting rights to fast-growing emerging economies that are under-represented at the fund.

Europe offered earlier this month to give up two seats out of 24 on the IMF’s Executive Board but left details of the shift of power at the multilateral lender to be hammered out.

(Reporting by Gernot Heller; Editing by Alan Wheatley and Ed Lane)

G20 strikes deal on IMF reform -G7 source