Sat, Feb 9 2008, 10:09 GMT
http://www.afxnews.com
TOKYO (Thomson Financial) - The world's seven richest nations reiterated their commitment to reform the structure of the
International Monetary Fund by this spring's meeting in Washington.
In their communique following a meeting here, the Group of Seven finance ministers and central bankers emphasised the importance of better aligning the quota share of member countries with their relative position in the world economy based on a simpler and more transparent formula.
"We reaffirmed our commitment to concluding the quota and voice reform by the spring IMF meeting," the G7 said.
A successful conclusion is a "critical step" in enhancing the legitimacy and effectiveness of the IMF, they said.
Elsewhere, the G7 reaffirmed their support for the recent IMF surveillance decision on exchange rate, financial sector, fiscal and monetary policy, and urged "rigorous and even-handed implementation".
They also supported the recent proposal by IMF managing director Dominique Strauss-Kahn to refocus the Fund's operations on core priorities and to cut spending by 100 mln usd over three years.
pan.pylas@thomson.com
Copyright Thomson Financial News Limited 2007. All rights reserved.
[Source:Thomson Financial]
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