The International Monetary Fund has failed to agree on an organizational reform that would give a greater voice to South Korea and other emerging economies.

In the annual meetings of the International Monetary Fund (IMF) and World Bank that opened in Tokyo, the IMF said that various opinions were discussed on how to change the system for member countries to make greater contributions to the fund.

The size of the contribution each country makes to the IMF is determined by the size of its economy. Emerging countries want to raise their stakes and participation in the fund by upping the size of their contributions.

If the organizational reform is agreed upon, South Korea will move up two spots from 18th to have the 16th largest stake in the fund.