国际英语新闻：G20 finance ministers' meeting closes with agreement on IMF reform, market-determined exchan

As a result of the meeting, the long-held discussion on the IMF quota reform was settled, with more than 6 percent of the total quota decided to be redistributed to emerging countries.

Despite a general agreement on the quota shift, emerging and advanced countries have been clashing on how much of the total share should be reallocated.

The communiqu also called for a reform on the governance of the organization, guaranteeing "greater representation for emerging countries at the Executive Board through two fewer advanced European chairs."

As the seats at the Board reserved for advanced countries decreased, it is expected the seats will be alternatively given to those from emerging countries.

Accordingly, the countries to compose the Board to be revised to U.S., Japan, four European countries, members of BRICs, IMF Managing Director Dominique Strauss-Kahn told reporters at a closing briefing.

The quota shift will be completed by January 2014, after the Fund conducts a comprehensive review of the formula by January 2013, no later than which the board change will also come.

The result, according to the South Korean finance minister, was a further advance from the past achievements, considering the previous Pittsburgh Summit marked an agreement on a five-percent quota shift.

"It was more than what we had expected," Finance Minister Yoon commented, saying he faced numerous challenges as the country strived to have diverse opinions converge.

The reform was also praised by the IMF head, who called the biggest change to the Fund since its creation.

As a result of the reform, Strauss-Kahn expected stronger legitimacy of the Fund in terms of representation and better representation of the real global economy.

Meanwhile, China welcomed the reform, with Zhou Xiaochuan, central bank governor, saying China should be promoted in terms of its quota and voting right in the IMF.