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G20 meeting agrees on governance of IMF

0 CommentsPrint E-mail CNTV, November 10, 2010
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In South Korea, the G20 ministerial- level meeting has ended with an agreement on governance of the International Monetary Fund.

The world's leading advanced and emerging countries also vowed on Saturday to avoid potentially debilitating currency devaluations.

The Group of 20 agreed to give developing nations more say at the IMF.

Over 6 percent of voting power at the Fund will be shifted to dynamic emerging markets, developing and under-represented countries.

This is part of an ambitious set of proposals to reform IMF governance.

China will become the third biggest member of the 187-member lender.

The first and second biggest members are the United States and Japan.

The group, which accounts for about 85 percent of the global economy, also addressed the currency issue.

Yoon Jeung-Hyun, South Korean Finance Minister, said, "We agreed to move towards more market determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies."

The agreement comes amid fears that nations are on the verge of a so-called currency war in which some countries would devalue currencies to gain an export advantage over competitors - causing a rise in protectionism and damaging the global economy.

The statement says cooperation among G20 countries is essential and all are committed to playing their part in achieving strong, sustainable and balanced growth in a collaborative and coordinated way.

The G-20 finance ministers and central bank governors meeting was held ahead of a summit of leaders next month.

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