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G20 Leaders Support Further Implementation of World Bank Quota Reform

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The G20 leaders have endorsed the further implementation of the World Bank's quota reform program, according to a draft version of the Hangzhou communique seen by Sputnik.

HANGZHOU (Sputnik) — The Group of Twenty (G20) leaders of the world's largest economies support the World Bank's further implementation of quota reform, geared at promoting sustainable financing practices, according to the draft version of the Hangzhou communique seen by Sputnik.

"We support the World Bank Group to implement its shareholding review according to the agreed roadmap, timeframe and principles, with the objective of achieving equitable voting power over time. We underline the importance of promoting sound and sustainable financing practices and will continue to improve debt restructuring processes," the so-called Hangzhou Consensus said.

In 2010, the G20 group of countries — including the United States, Russia, France and Japan — agreed to shift voting power within the World Bank to dynamic emerging market nations such as China, India, Brazil and Turkey. A member's quota determines the maximum amount of financial resources the country is obliged to provide, as well as its voting power and access to financing.

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