G20 leaders in Seoul threw their weight behind steps recently taken by the IMF to enhance the global financial safety net and overhaul its quotas in favour of emerging market and developing countries.

In October, G20 central bank governors and finance ministers agreed a landmark quota reform package which will see emerging markets including Brazil, Russia, India and China endowed with more votes at the Fund. "The reforms are an important step toward a more legitimate, credible and effective IMF