The U.S. government on Friday welcomed an agreement reached by International Monetary Fund's Executive Board to give greater voice to up-and-coming developing countries.

"I am pleased that the Fund's Executive Board has put on the table a reform package that will take into account the rapid growth in emerging markets and the evolution of economies around the world," said Timothy Adams, the Treasury's undersecretary for international affairs in a statement.

"All agree that it is also critical to ensure an appropriate voice for the poorest countries," he added.

IMF managing director Rodrigo de Rato said Thursday that the reform package will include initial ad hoc quota increases for four countries that are clearly underrepresented -- China, South Korea, Mexico, and Turkey.

"This will now be sent to the Board of Governors for their approval at Singapore," he told a news briefing. The IMF and World Bank will be holding their annual meetings on September 19-20 in Singapore.

The fund's quotas determine voting power and have a bearing on the amount members can borrow. There will be further ad hoc increase in quotas for a broader range of members, according to the IMF chief.

Source: Xinhua