The G20 also endorsed a shift of “at least five percent” in quota share, or voting power, to emerging market and developing countries, part of the reform of the governance and structure of the lumbering Bretton Woods institution, founded in the aftermath of World War II to promote financial stability.
Last year, Justin Yifu Lin (林毅夫) of China became the first World Bank chief economist from a developing country.
Key emerging nations have called for the IMF quota share of the most developed countries to be reduced to 50 percent from 57 percent.
The US has proposed that over-represented developed countries — an indirect way of designating European countries — transfer 5 percent of their voting rights to the under-represented.
China, with 3.72 percent of the vote, has less influence than France, at 4.94 percent, although its economy is one-and-a-half times the size, IMF data shows.
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