The 2008 Quota and Voice Reforms of the International Monetary Fund (IMF) entered into force Thursday, representing an important milestone to reinforce IMF legitimacy.

The reform provides for quota increases for 54 countries, with the largest gains going mainly to dynamic emerging market countries, ranging from Korea, China and Turkey, to Brazil and Mexico. The reform will also enhance the influence of low-income countries in the IMF's decision-making, including in its 24- member Executive Board, according to a statement released by the Washington-based international institution.

Following calls by IMF Managing Director Dominique Strauss-Kahn for member countries to formally ratify the agreement, which was backed by the IMF's Governors in April 2008, the package has now been signed into law in 117 member countries, representing 85.04 percent of total voting power in the IMF. This pushes the package above the required 85 percent majority of voting power and approval by at least 113 member countries, which are needed for approval of these types of reforms.

"I commend our members for taking the required action to ratify this package of reforms adopted in 2008," said Strauss- Kahn. "The implementation of this reform reflects the membership' s commitment to strengthening the IMF's effectiveness, credibility, and legitimacy."

These 2008 Quota and Voice Reforms were followed by further reforms in 2010 that, once effective, will lead to a further shift of more than 6 percent of quota shares to dynamic emerging market and developing countries.

"The next step in this process will be for governments to ratify speedily the 2010 Amendment on the Reform of the Executive Board and to implement the quota increases to further align representation in the IMF with global economic realities," the IMF chief added. "This will represent the most fundamental governance overhaul in the IMF's 65-year history and the biggest- ever shift of influence in favor of emerging market and developing countries."

The IMF said that once both packages are implemented, its representation will better reflect the world economy as it looks today.

"It means we will have the top 10 shareholders that really represent the top 10 countries in the world, namely the United States, Japan, the four main European countries, and the four BRICs," Strauss-Kahn said.

The term "BRICs" collectively refer to Brazil, Russia, India, and China.