SEOUL, Nov. 12 (Xinhua) -- The G20 Seoul Summit has confirmed the 6-percent shifts of quota shares to emerging economies in the International Monetary Fund, according to the joint communique issued Friday afternoon at the end of the summit.
The G20 committed to work to complete the quota shifts by the annual meetings in 2012, it said.
"Today, we welcomed the ambitious achievements by the Finance Ministers and Central Bank Governors at the Gyeongju Meeting and subsequent decision by the IMF, on a comprehensive package of IMF quota and governance reforms," said the communique.
The reform is an important step toward a more legitimate, credible and effective IMF, by ensuring that quotas and Executive Board composition are more reflective of new global economic realities, and securing the IMF's status as a quota-based institutions, it said.
The IMF reform, it said, would continue the dynamic process aimed at enhancing the voice and representing of emerging market and developing countries, including the poorest, through a review of the quota formula by January 2013.
And the next general review of quotas would be completed by January 2014, it said.
The communique also said greater representation for emerging economies at the IMF Executive Board through two fewer advanced European chairs, and the possibility of a second alternate for all multi-country constituencies.
The IMF reform also aimed to move to an all-elected board, with 24 directors.
Statistics released by the IMF showed that the United States of America has the largest voting share of 16.74 percent.
Japan, the world's second largest economy, has a voting share of 6.01 percent, followed by Germany's 5.87 percent, and France and UK each 4.85 percent.
China, the world's third largest economy, accounts for only 3. 65 percent of the IMF voting share.