(CNN) -- Officials at the Group of 20 nations summit in South Korea have agreed on substantial changes for the International Monetary Fund, according to IMF Managing Director, Dominique Strauss-Kahn. If approved, the historic reforms would give developing nations a stronger voice within the institution.
Strauss-Kahn detailed the proposed changes at a news conference in Gyeongjiu Saturday. He said G20 ministers want to see changes in the way member-countries for the IMF board are chosen. That means using a more realistic formula to assess the economic size of member countries.
"The ten biggest members of the Fund ... will be those who deserve to be the biggest members," he said.
Strauss-Kahn went on to said that, under the current system, "The membership and quota of the membership are not really representing the importance and weight of the countries in the global economy."
Major changes are in store for the make-up of the IMF board. Strauss-Kahn says ministers would like the entire board to be elected. Currently, five members of the 10-member Board are appointed and five are elected.
Also, 5 to 6 percent of board voting rights will be shifted to "dynamic, emerging economies," he said. Two board seats will be relinquished by Europe and given to emerging countries.
Ministers also agreed to create a financial safety net to counter the whims of global economic fluctuations.
Strauss-Kahn said the proposed changes have to be approved by the IMF itself. He's hopeful that the process will be completed by the end of next year.