In a move which will give the emerging economies, a greater say in IMF, the multilateral agency has said that it is close to raising the quota share of developing countries by five percent by January next year. The Managing Director of the International Monetary Fund, IMF Dominique Strauss-Kahn said at a press conference in Washington that the move will make IMF more representative and better positioned to tackle the problems facing the global economy. He said that the idea is for a shift in quota share to dynamic emerging markets and developing countries by five percent from over represented to under represented countries. Strauss Kahn said that he expects the IMF members to agree in either days or weeks on the reforms needed in the institution. Earlier, making a strong case for a minimum of five percent increase in voting power in the 186 nation, IMF for emerging economies, the Finance Minister Mr. Pranab Mukherjee said that IMF cannnot be effective or credible without a shift in structure of governance and voting power in line with the changing importance of countries in the global economy. Speaking at IMF World Bank Meet on Saturday, Mr. Mukherjee said that the burden of quota shift to dynamic emerging markets and developing countries have to be borne primarily by advanced economies and reiterated his call for a shift of five to six percent in quota share from advanced countries to developing countries.