G20 Finance Ministers Meeting: The EU Assigns Two IMF Seats To Developing Countries

Group of twenty

Kahn, President of the International Monetary Fund, said that this is the largest reform of the governance of the International Monetary Fund, and said it had reached a historic agreement at the meeting of G20 finance ministers and central bank governors.

According to the reform agreement, the EU countries will be in the Executive Board of the International Monetary Fund.

Kahn, President of the International Monetary Fund, said that this is the largest reform of the governance of the International Monetary Fund, and said it had reached a historic agreement at the meeting of G20 finance ministers and central bank governors.

According to the reform agreement, the EU countries will give up two seats to the developing countries in the Executive Board of the International Monetary Fund.

At present, the Executive Board of the International Monetary Fund has 24 seats, and the European Union has 8 seats.

Moreover, according to an agreement reached by participants, the voting rights of developing countries in the International Monetary Fund will increase significantly, thereby giving them greater voice.

Participants also discussed and agreed on strengthening global financial regulation. Countries are expected to impose more stringent supervision on banks and large financial institutions.

The two day G20 finance ministers and central bank governors' meeting opened in South Korea on the afternoon of 22, focusing on exchange rate, global economic imbalance, and building global financial security network and other issues before the final coordination of the G20 summit in Seoul.

At present, the meeting is still in progress.

According to the arrangement, the meeting will be published on the 23 day of the joint communique.