23 Oct 2010

G20 reaches deal on IMF reform

9:04 pm on 23 October 2010

The Group of 20 countries have reached agreement on reform of the International Monetary Fund.

The IMF's managing director, Dominique Strauss-Kahn, is describing the agreement as an historic deal, saying it is the biggest reform ever in the Fund's management.

Europe has agreed to give up two seats on the IMF board to accommodate developing nations.

Brazil, Russia, India and China would be among the top 10 IMF shareholders.

China is expected to be a major gainer from the proposed changes, acquiring substantial influence to at least partly reflect its financial resources.