Communiqué of the Seventy-Sixth Meeting of the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), September 16, 2006, Singapore
Ministers stress the importance of reaching early agreement on a credible and time-bound package of reforms that would ensure an increase in the voice and representation of developing countries in the Bretton Woods Institutions (BWIs). While welcoming the proposed ad hoc quota increase for China, Korea, Mexico, and Turkey, Ministers point out that the current package of
reforms does not adequately address the fundamental issue of the underrepresentation of developing and low-income countries as groups. They note that the emerging market countries,
other developing countries, and economies in transition account for over half of global GDP measured in terms of purchasing power parity, hold most of the world’s international reserves,
and represent a majority of the world’s population. In order to reflect this new reality in the world economy and increase the legitimacy and relevance of the BWIs, the voting power of developing countries and low-income countries as groups should be expeditiously increased and protected.