UPDATE 1-S.Korea’s Lee wants IMF reforms by G20 leadership meet

GYEONGJU, South Korea, Oct 22 (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 Nov. 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 emphasise 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. [ID:nN04141757]

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)

UPDATE 1-S.Korea’s Lee wants IMF reforms by G20 leadership meet