REPEAT-G20 strikes deal on IMF reform -G7 source

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GYEONGJU, South Korea, Oct 23 (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

REPEAT-G20 strikes deal on IMF reform -G7 source