The International Monetary Fund has proposed several structural reforms aimed at improving its ability to respond to crises in a rapidly changing global economy.
The proposed reforms include increasing the voice of emerging market countries in the Fund's decision-making process.
The world's lender of last resort also agreed to overhaul its economic surveillance mechanism. The change could give the Fund more oversight in exchange-rate policies as well as broader powers in addressing regional trade disputes, such as the massive trade deficit between the United States and Asia.
The IMF's 184 member countries is finishing spring meetings urging the leadership to develop concrete reform proposals for September's meeting in Singapore.
On Friday, the World Bank approved full debt cancellation for some of the world's poorest countries, including Bolivia, Ethiopia, Nicaragua and Rwanda.