G20 ministers finalise IMF reform deal

The Group of 20 bloc of nations has reached agreement on reform of the International Monetary Fund. The head of the IMF, Dominique Strauss-Kahn, has called the deal "very historic". "It's the biggest reform ever in the governance of the IMF," he told reporters, referring to moves to give developing nations like China a greater say in the fund's management. Mr Strauss-Kahn was speaking on the sidelines of a G20 finance ministers' meeting in South Korea, ahead of a summit in Seoul next month. He said Europe has agreed to give up two seats on the IMF board to accommodate developing nations. Brazil, Russia, India and China will be among the top 10 IMF shareholders. (From ABC News)