Major reforms in view for IMF

The Executive Board of the International Monetary Fund (IMF) has backed a resolution that would achieve a major change in the representation of many emerging countries as well as allowing poorer countries a bigger say in the way the Fund is run.

The reforms are part of a two-year program, which was agreed last year, when initial increases in quotas - which largely determine a country's voting power in the Fund - were approved for China, India, Korea, Mexico and Turkey.

The objectives of the ref