GYEONGJU, South Korea, Oct. 23 (Xinhua) -- The G20 ministerial meeting on Saturday ended with an agreement on the IMF governance reform and progress on the currency debate.

"Key elements (of the agreement) includes shifts in quota shares to dynamic emerging markets and developing countries (EMDC) and to underrepresented countries of over 6 percent," the G20 finance ministers and central bankers said in a joint communiqu.

The finance leaders also made a leap forward in the currency debate, conveying in the communiqu an explicit message to "move towards more market determined exchange rate systems."

Announcing the communiqu at the closing press conference, South Korean Finance Minister Yoon Jeung-hyun, who chaired the two- day meeting, announced the meeting ended "in success."

He also praised the outcome of the meeting, saying the meeting put an end to the recent currency dispute that has casted a range of uncertainties and instabilities around the global economies.

Yoon also hoped there will be more in-depth, broader discussions on those agenda items at the upcoming G20 Summit in Seoul.

Hosted in South Korea's southern city of Gyeongju, the meeting brought together finance minister and central bank governors from 20 member countries, while inviting heads of major international organizations, such as the IMF and the World Bank, and leaders of five non-member countries.

Due to the recent currency dispute and the thorny IMF governance reform issue, the ministerial meeting went on a bumpy road although the leaders strived to reconcile their differences.

In particular, South Korea, as chair, put every effort to see a breakthrough at the meeting, with South Korean President in his opening speech confirming the meeting should reach a deal on major agenda items.

The communiqu released will be submitted to the upcoming G20 Summit, slated to be held on Nov. 11 - 12 in Seoul, based on which will be continued the summit talks.
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