G20 Communiqué Meeting of Finance Ministers and Central Bank Governors, Busan, Republic of Korea, 5 June 2010

Sectors : International partnerships and support for Pan-African institutions, Political governance, Financial Institutions, markets, services and microfinance, Regional cooperation and integration
Organisation : G20
Date made: 
2010
Level: 
Ministerial
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Commitments in: Governance - Political governance

“5. We welcomed the agreement on the World Bank’s voice reform to increase the voting power of developing and transition countries by 3.13%. We committed to continue moving over time towards equitable voting power, while protecting the smallest poor nations, by arriving at a dynamic formula which primarily reflects countries’ evolving economic weight and the World Bank’s development mission. We committed to work towards ambitious IDA16 and African Development Fund replenishments. We also welcomed the agreements for substantial capital increases and institutional reforms at the World Bank, Inter American Development Bank, European Bank for Reconstruction and Development, and African Development Bank.

6. We called for an acceleration of the substantial work still needed for the IMF to complete the quota reform by the Seoul Summit and in parallel deliver on other governance reforms, in line with commitments made in Pittsburgh. We underscored our resolve to ensure the IMF has the resources it needs so that it can play its important role in the world economy. We reiterated the urgency of implementing the April 2008 package of IMF quota and voice reforms. We urged all participating countries to swiftly implement the expanded New Arrangements to Borrow (NAB).”
 

Scope: 
International

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“7. We encouraged progress on financial safety nets and acknowledged a need for national, regional and multilateral efforts to deal with capital volatility and prevent crisis contagion, as demonstrated by the recent events, and agreed to explore policy options to improve global financial safety nets, based on sound incentives. In line with this effort, we called on the IMF to make rapid progress in reviewing its lending instruments, with a view to developing and upgrading them, as appropriate.”

Scope: 
International