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G20 second plenary session begins on IMF reform, GFSN

11-12-2010 13:48 BJT Special Report:5th G20 Summit in Seoul |

SEOUL, Nov. 12 (Xinhua) -- The G20 leaders started discussions on the International Monetary Fund (IMF) reform and ways to improve global financial safety net (GFSN), the organizing committee said Friday.

Starting the second plenary session, following the first session dedicated to the global economy and recovery, the leaders brought up to the table the results reached at the Gyeongju Finance Ministers' Meeting regarding IMF quota and governance reform, together with ways to enhance existing measures to provide financial safety nets to countries in need of capital.

At the October ministerial meeting in Gyeongju, finance minister and central bank governors agreed to allocate 6 percent or more of the IMF quota shares to emerging countries, also vowing to allow them in the board for two seats.

As of global financial safety nets, President Lee took the initiative, introducing South Korea's efforts to improve GFSN.

The president also emphasized their growing importance as world markets continue to become more integrated, leading individual markets to grow more vulnerable to external factors, the organizing committee said.

In light of this situation, South Korea, as chair, has been advocating an expansion and extension of existing credit lines of the IMF.

Running up for the Summit, the IMF agreed on achieving an extension in duration and credit available under the Flexible Credit Line (FCL) and establishing a Precautionary Credit Line ( PCL).

While the first-step measures ended in fruitful results, awaiting to be endorsed at the Summit, leaders are likely to discuss measures to make a step forward at the plenary session, according to the organizing committee.

Editor:Jin Lin |Source: Xinhua

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