Manuel Pushes For A More 'Multilateral' Fund.

The reform of the International Monetary Fund (IMF) is an essential part of the battle to stem a drift towards nationalism and protectionism, South African Finance Minister Trevor Manuel has told the FT.

At the G20 finance ministers' meeting, South Africa will call for developing countries to be given greater weight in the governance of the IMF, but Manuel also called for the creation of a new executive body in which ministers and central bankers would have greater powers, a change he calls 'pivotal'.

South Africa and Australia are chairing a G20 committee on the IMF. Manuel is separately chairing a panel of experts looking at ways to make the institution a more effective global financial watchdog.

In a related story, Xinhua reports that Chinese Premier Wen Jiabao called on Friday for reforms of the internal governance structure of the IMF to fend off financing and investment risks, balance rights and obligations and pay more attention to the interests of developing countries.