The Group of 20 major economies agreed Saturday to avoid competitive currency devaluations in an effort to ease mounting economic tensions.

In addition, they agreed to reform the IMF by shifting over six percent of voting right shares from advanced economies to developing nations.

South Korea’s Finance Minister Yoon Jeung-hyun said in a joint statement that the G20 nations will “move towards more market-determined exchange rate systems that reflect underlying economic fundamentals and refrain from competitive devaluation of currencies.”

The statement also said G20 member nations will “pursue a full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels.” To that end, G20 members called on the IMF “to provide an assessment on the progress toward external sustainability and the consistency of fiscal, monetary, financial sectors, exchange rates and other policies.”

The G20 meeting of finance ministers and central bank chiefs wrapped its two-day session Saturday evening with the announcement of the joint statement.