IMF should shift to benefit developing nations -Zuma

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.