South Korea's quota in the International Monetary Fund (IMF) has risen to 1.41 percent, reflecting the country's expanding economic influence, its finance ministry said Friday.
South Korea's IMF quota has increased from 1.35 percent to 1.41 percent, pushing up the country's quota ranking from 19th to 18th, the country's Ministry of Strategy and Finance said in a statement.
The move comes after the IMF enforced a reform plan it approved in 2008, with the consent from 117 member countries, or 85.04 percent of all members, the ministry said.
The plan aimed at offering a more balanced representation among IMF members, especially emerging nations, based on their economic influence and scale.
The quota increase is expected to push forward South Korea's next goal of upgrading its IMF ranking to 16th, which is 1.80 percent, under the 2010 IMF reform plan proposed in the G20 summit in Seoul last November, the ministry added.