Oxfam reaction to news of a surprise move by the US to force a reduction in the number of seats held by European governments on the IMF's board

Oxfam spokesperson Pamela Gomez said: "Governance reform at the International Monetary Fund is long overdue. For the Fund to be credible and effective, it has to give developing countries a voice on the Board. It's outrageous that current quotas give Luxemburg more voting weight than the Philippines, which has almost 200 times the population. There should be fewer European seats on the Board, and the US power of veto must be done away with."

Note to editors: There are 24 seats on the IMF board, but this needs renewal by vote every two years or else it drops back to 20 seats automatically. If this happens, the four smallest seats would lose their place - currently Argentina, Brazil, India and Rwanda.