Monday, September 18 2006 12:59 Hrs (IST) - World Time -

Singapore: Developing nations led by India and Brazil yesterday (Sept 17, 2006) virtually lost their campaign to stall the move for enhanced powers to China and three others at the IMF with its Managing Director R D Rato claiming 'consensus' on the controversial proposal a day before the conclusion of voting.

The decisions at the meeting of the International Monetary and Financial Committee of World Bank-IMF showed there was a 'consensus on the increase in voting powers for China, South Korea, Turkey and Mexico, Rato told reporters after the meeting.

"Although there are views on both sides about the voting that is taking place, the decision took place at the committee today showed that there is a consensus (on the adhoc increase in quota) ... The communique that is issued at the end of the committee meeting is an unanimous statement," Rato, who addressed a news conference along with the committee chairman and British Chancellor of Exchequer Gordon Brown, said.

Earlier in the day, Finance Minister P Chidambaram had made a strong plea against the 'flawed formula' to restructure voting rights of the member countries, saying the world body should instead adopt comprehensive reforms to move towards adequate, equitable and appropriate representations for the developing countries.