“The G20 must be at
the forefront in helping to address key global economic challenges.
Global economic institutions need to be effective and representative, and to
reflect the changing world economy. We welcome the increased
representation of emerging economies on the FSB and other actions to maintain
its effectiveness. We are committed to maintaining a strong, quota-based and
adequately resourced International Monetary Fund (IMF). We reaffirm our
commitment in St Petersburg and in this light we are deeply disappointed with
the continued delay in progressing the IMF quota and governance reforms agreed
in 2010 and the 15th General Review of Quotas, including a new quota formula.
The implementation of the 2010 reforms remains our highest priority for the IMF
and we urge the United States to ratify them. If this does not happen by
year-end, we ask the IMF to build on its existing work and stand ready with
options for next steps.”
Refer to the post Renminbi 人民币 and the Alternative IMF Reformsto understand
what these “next steps” may entail.
Also see this China Daily article for confirmation of
BRICS intentions to continue working within the IMF structure.
Full G20 Brisbane
Summit Communique can be read here.
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