The financial institutions reformation

At the summit in Toronto the G20 countries promised to ratify the agreements on the quota and votes reformation in the International Monetary Fund (IMF), and also approved the similar reformation of The World Bank. In 2009 in September in Pittsburgh the leaders of the G20 countries arranged to revise the quota of the advanced countries to the developing countries by 5% in the IMF and by 3% in the Word Bank. “We approved the important reforms concerning the voting right, coordinated by the World Bank shareholders which will result in the rise of the share of votes of the developing countries and countries with emerging markets by 4,59%. We put a stress on our decision to provide the ratification of the quota and votes reform in the IMF of the year 2008 and the development of the new agreements concerning loans”, – is stated in the communiqué. The developing countries share in the World Bank will make 47,19% votes out of the overall number of votes. “The decisions made by the G20 in London and Pittsburgh can be considered as final ones, including the increase of developing countries and transitional economy countries’ votes number by 3,13%. The share of the developing countries in the World Bank will make 47, 19% out of the general number of votes”. The Group of Twenty also called “to speed up the substantial work of the IMF necessary for quota reform completion by the summit in Seoul (in 2010 in November) and together with it carry out other government reforms according to the obligations incurred in Pittsburgh.” Besides, the G20 countries promised to make the financial institutions heads and top management selection process based on their manager’s qualities assessment and on the obligations as for the openness and transparence of their activities incurred earlier more active before the Seoul summit takes place. We decided to charge our ministers of finance and central banks managers to get ready the variants of measures on the global systems financial protection reinforcement for us to consider them at the summit in Seoul. Our goal is to build more stable and sustained international monetary and financial system”, – is stated in the final document of the 20G summit In Toronto.