South Korea presses for IMF reforms

Daejeon, KOREA July 12, 2010 (LBO) – The finance minister of South Korea, which is hosting an International Monetary Fund conference on Asia, pressed for reforms of the multi-lateral institution and its support to prevent destabilizing capital flows. “Up until now, it seems the IMF has not fully assumed its role of ensuring macro-economic stability and supporting economic development in Asia developing countries,” said Jeung-Hyun Yoon, Korea’s Minister of Strategy and Finance.

With the liberalisation of capital markets leading to increased volumes and high volatility of global capital flows efforts of developing countries alone are no longer enough to withstand shocks, he said.

“I believe the IMF has an important contribution to make, by proposing and enacting concrete and realistic measures to strengthen financial safety nets around the globe,’ he told the Asia 21 conference organised by the IMF in the city of Daejeon Monday.

The issue is being pursued by Korea and will be considered by the Seoul summit of leaders of the G20 group of important industrialized and developing economies.

“The IMF should also accelerate efforts to implement its wide-ranging reforms, including quota reform in line with the actual weight of its members i