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US Treasury Secretary Urges IMF Reform


U.S. Treasury Secretary Henry Paulson has urged the International Monetary Fund to re-invent itself by giving more of a voice to emerging-market countries.

Paulson spoke Saturday to members of the IMF's International Monetary and Financial Committee and the joint World Bank-IMF Development Committee. They are holding a joint spring meeting through Sunday.

Paulson said bold action is needed to overhaul the structure of the IMF and to boost the share of emerging market countries. He said those countries with fast-growing economies, such as China, will increasingly drive global wealth in the future.

The treasury secretary also called for progress on the Doha round of global trade talks.

This week, officials from six trading economies met in New Delhi, but failed to reach a world trade liberalization deal. They promised to work to reach an agreement by the end of 2007.

Some information for this report provided by AP and AFP.

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