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1st LD: G20 remain "deeply disappointed" with continued delay in IMF quota reform

Xinhua, April 18, 2015 Adjust font size:

The Group of 20 leading economies (G20) remained "deeply disappointed" with the continued delay in progressing the 2010 International Monetary Fund (IMF) quota reform, G20 finance ministers and central bank governors said in a communique on Friday.

G20 countries reaffirmed that the "earliest implementation" of the reform agenda was their "highest priority," and they urged the United States to ratify the reforms as soon as possible, they said in the communique after a two-day meeting.

G20 countries also welcomed the interim steps currently under consideration among IMF membership. "We call on the IMF Executive Board to pursue an interim solution that will meaningfully converge quota shares as soon as and to the extent possible to the levels agreed under the 14th review," said the communique.

"Interim solution would imply some benefits for some countries. Certainly large fast growing emerging markets would have more recognition, would have larger quota share and so on," said Agustin Carstens, chairman of the International Monetary and Financial Committee (IMFC), IMF's policy advisory committee.

But interim solution would still be "second best" compared with the full implementation of the 2010 quota reform, Carstens told a press conference after the G20 meeting. Endite