IMF boost for developing countries

China, South Korea, Turkey and Mexico seem set to win increases in their IMF quotas at the expense of some European countries.

Rodrigo de Rato, managing director of the IMF, said that the changes would better reflect "changes in world economic weight" and deal with the "representation of low-income countries". He added that member governments agreed that the new formula should be based on the size of a country's economy, its openness and other factors, but the weight of each of these had not y

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