South Korea has been selected as the host country of the 5th G20 summit slated for November 2010.

President Lee Myung-bak announced the decision in a joint news conference with Canadian Prime Minister Stephen Harper on the sidelines of the G20 summit held in the U.S. city of Pittsburgh on Friday.

The third Group of 20 Summit was held earlier in the day with global leaders discussing how to deal with the ongoing economic crisis.

At the opening reception hosted by U.S. President Barack Obama, Mr. Lee stressed the need to reform global financial bodies such as the International Monetary Fund (IMF) and the World Bank.

He proposed that the IMF should strengthen its role in international financial supervision and present a sustainable growth model for the global economy through close monitoring of each country's economic policies.

He also urged the World Bank to reform, calling for more equitable voting rights for developing economies.