The statement, signed by Chinese President Hu Jintao and
visiting Russian President Dmitry Medvedev, was published by the official
Xinhua news agency.
The Group of 20 major economies agreed in Pittsburgh a
year ago on the principle of a shift in voting power at the IMF in favor of
fast-growing emerging economies.
Finalising a deal, which has run into fierce resistance
from smaller European countries that would see their influence diminished, will
be a major item on the agenda at the next summit in Seoul on Nov. 11-12.
"The G20 should ensure that the IMF quota reform
goals set at the Pittsburgh Summit are completed before the Seoul Summit,"
the statement said.
Each of the IMF's 186 member countries is assigned a
quota, or subscription, that broadly determines its voting power, its financial
contribution to the IMF and how much it can borrow from the Fund.
China is set to overtake industrial powers Germany,
France and Britain to become the IMF's second or third most-powerful member
under plans being discussed to give emerging nations greater influence.
Brazil, Russia, India and China have proposed a 7 percent
shift in IMF quotas in favor of developing countries, more than the 5 percent
the United States is proposing.
China and Russia also agreed that G20 should play a
bigger role in promoting global governance and reform of the international
financial system, the statement added.
