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G20 urges deal on IMF voting power

06-28-2010 10:50 BJT Special Report: Hu Visits Canada, Attends G20 Summit |

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G-20 leaders are pledging to push for agreement on more voting power for emerging economic powers in the International Monetary Fund. The leaders have set their target for the next summit in Seoul, in early November.

G-20 participants promised at the last summit to give at least 5 percent of voting rights in the IMF to developing countries and new emerging markets.

In recent years, China and other new emerging markets have expanded rapidly, and the power for the world economy is shifting towards the east. But voting rights aren't reflective of global economic clout - the BRIC countries hold less than 10 percent in IMF voting rights, far below their GDP contribution to the world.

Editor:Xiong Qu |Source:

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