The proposal to start a fundamental reform of the International Monetary Fund was approved on Monday by 90.6 per cent of votes from member countries.

The proposal, supported by all the fund’s large shareholders, will provide additional voting power immediately to China, South Korea, Mexico and Turkey. The reform aiming to balance IMF voting power in accordance with each country’s economic weight in the world also launches a review of the underlying formula for calculating votes with a view to a more extensive overhaul within two years.