SEOUL: G20 leaders Friday gave their backing to sweeping reforms designed to give emerging economies such as China a bigger say in the International Monetary Fund. The leaders of advanced and emerging economies announced they were delivering “a modernized IMF that better reflects the changes in the world economy through greater representation of dynamic emerging markets and developing countries”. The reforms would enhance its “legitimacy, credibility and effectiveness, making it an even stronger institution for promoting global financial stability and growth”, the G20 leaders said in a summit declaration. The IMF's executive board had agreed to the changes - described as “historic” by managing director Dominique Strauss-Kahn - at its own meeting last week. – Agence France
