China, South Korea, Turkey and Mexico could win increases in their International Monetary Fund quotas – or shareholdings – “in a few days”, as an early step towards giving big developing countries more say in the institution, according to Rodrigo Rato, IMF managing director.

Mr Rato told the Financial Times that agreement to launch a fundamental review of control and governance of the IMF was within sight, signalling the prospect of the most far-reaching reform of the fund since its foundation at the Bretton Woods conference in the US in 1944.