TORONTO, June 27 (Xinhua) -- Leaders of the G-20 countries reaffirmed their resolve to accelerate the reform of the International Financial Institutions (IFIs) in an effort to strengthen their legitimacy, credibility and effectiveness to make them even stronger partners.

They made the remarks in a final declaration issued on Sunday afternoon when the two-day G-20 summit concluded in Toronto, Canada's largest city.

The G-20 leaders said that substantial work are still needed for the IMF reform by the Seoul Summit set in November in line with their commitments made in Pittsburgh in 2009.

Chinese President Hu Jintao (4th L Front) poses for a group photo with other participants of the fourth summit of the Group of 20 (G20) in Toronto, Canada, June 27, 2010.

On World Bank (WB) reform, the Toronto Summit endorsed the important voice reforms agreed by WB shareholders, which will increase the voting power of developing and transition countries by 4.59 percent since 2008.

The leaders stressed the need for open, transparent and merit-based selection processes for the heads and senior leadership of all the IFIs in the context of broader reform.

"Our goal is to build a more stable and resilient international monetary system," they added.

They underscored the value of IFIs and the Multilateral Development Banks (MDBs) as platforms for global cooperation in mobilizing critical financing, including 750 billion U.S. dollars by the IMF
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