The International Monetary Fund's focus should shift to benefit developing nations, President Jacob Zuma said on Sunday.
Speaking at the plenary session on the reform of international financial institutions, Zuma said the IMF, as a quota-based system, should move from developed countries to developing countries as their need for IMF resources were higher.
"We must ensure that no emerging and low income countries lose quotas as a result of these reforms," he said.
He said the leaders of the world must show a political will to change the IMF and that the slow movement to reform the IMF was not necessary.
"It is time for us, the leaders to take the initiative in regard to the reform of the IMF," he said.
"We are called upon to provide leadership and the political will to follow through with IMF reform."
Zuma said world leaders should play a greater role in providing strategic direction to the IMF and ensure that an equitable representation is achieved in the Board of the IMF to reflect appropriate regional representation.
"This could be achieved through reforming the composition of the board as was done at the World Bank, to afford an additional chair for sub-Saharan Africa," he said.
"We also wish to argue that the appointment of the head of the IMF must be based on merit without regard to nationality or gender."
Zuma said these financial institutions belonged to "all of us".
"The appointment of the heads from Europe and the USA is a long-standing practice, but it has no basis in the Articles of Agreement."
Zuma said a firm decision on this matter was important for the credibility and legitimacy of the G20.
Edited by: Sapa
