South Korea’s Lee wants IMF reforms by G20 leadership meet

GYEONGJU, South Korea (BestGrowthStock) – South Korean President Lee Myung-bak said on Friday that quota and representation adjustments at the IMF should be implemented by a G20 leadership meeting next month.

Lee, whose nation is hosting a G20 finance and central bank meeting on Friday and Saturday, and next month’s leadership summit starting November 11, said G20 members should find a way to achieve more balanced and sustainable growth in the world economy and broaden representation at the IMF.

“I would like to emphasize that the IMF quota adjustments should be made by the promised time,” Lee said, adding that an agreement was reached in April at Toronto to implement the proposal by November of this year.

There is general agreement that countries driving the global economy should have proportional representation in global councils like the IMF and World Bank — but a debate on who should cede power.

Lee added that “we must find win-win ways” to achieve agreement on difficult topics like exchange rates during negotiations at the G20 meetings.

(Reporting by Choonsik Yoo; Editing by Ed Lane)

South Korea’s Lee wants IMF reforms by G20 leadership meet