The Group of 20 Finance Ministers and Central Bank Governors agreed on Saturday to increase the share of developing countries in the capital of the International Monetary Fund by 2.8 percent to 42.29 percent, Russia's Finance Minister said on Saturday.
"There has been great progress in the reform of the IMF. Today, all countries agreed on quotas. More than 6 percent has been redistributed to more dynamic developing countries," said Alexei Kudrin, who is attending the group's talks in Gyeongju, South Korea.
The BRIC countries (Brazil, Russia, India and China) increased their share by 3.46 percent to 14.18 percent, while Russia increased its share by 0.22 percent to 2.71 percent.
Kudrin said that all four BRIC countries are now among the top ten countries by IMF capital share, with China occupying third place, India - second, Russia - ninth and Brazil - tenth.
"This is the greatest result of our work; it was difficult to reach. Many alterations have been made in connection with the position of developed countries, especially Europe," Kudrin said.
He also said that the group had agreed to give two seats on the IMF executive board to developing countries at the expense of European countries, meaning that the number of board members would remain at 24.
GYEONGJU (North Korea), October 23 (RIA Novosti)
