The reforms are meant to reflect the growing power of developing countries such as China and India in the world economy by reapportioning IMF voting rights and shares rather than continuing to concentrate it on longtime economic powers.

The changes are among the top items on the agenda of finance ministers and central bankers from the Group of 20 (G20), the world's 20 leading economies, meeting for the second and final day in Kyongju, South Korea, about 370 km south of Seoul.

Time was running out for an agreement to be reached. The reforms, which have been debated for years, are to go into force Jan 1.The meetings in Kyongju come three weeks ahead of the summit of the G20's heads of state and government in Seoul.