PM LD-IMF 2 LST

Committing to protect the voting share of the poorest
nations in the IMF, the G-20 leaders also agreed that "the
heads and senior leadership of all international institutions
should be appointed through an open, transparent and merit
based process."

The Leaders' Statement underlined the need for expediting
the IMF quota review by concluding the exercise before the
agreed date of January 2011.

Besides IMF, the world leaders also agreed to increase
the voting rights of developing nations and under-represented
countries in the World Bank.
They agreed to increase "at least 3 per cent of voting
power for developing and transition countries, in addition to
1.46 per cent increase under the first phase of ...adjustment,
to the benefit of under-represented countries".

Noting that over-represented countries will make a
contribution, the Statement said, "it will be important to
protect the voting power of the smallest poor countries. We
recommit to reaching agreement by the 2010 Spring Meetings".

It also stressed the need for completing the general
capital increase of the World Bank by 2010 to enhance its
effectiveness and increase the resource base to help the
multilateral lending institution to fulfill its development
mandate.

"The World Bank and other multilateral development banks
are also critical to our ability to act together to address
challenges such as climate change and food security, which are
global in nature and require globally coordinated action", it
added. PTI