Singapore, Sep 16 (DPA) Developing countries on Saturday demanded a stronger voice and more votes in the World Bank and the International Monetary Fund (IMF) as part of a wide-ranging overhaul of the two key global financial institutions.

Ministers from the Group of 24 (G24) nations, who met in Singapore at the same time as their rich country Group of Seven (G7) counterparts, said they welcomed plans to grant an ad hoc quota increase to China, South Korea, Mexico and Turkey.

But IMF and World Bank reform should also adequately address the issue of under-representation of developing and low-income countries as groups, G24 ministers insisted.

G24 members include developing country heavyweights Brazil, India, Pakistan and Argentina as well as Algeria, Egypt and Nigeria.

Ministers from the G7 and G24 nations met ahead of the annual meetings of the IMF and World Bank to be held in Singapore next week.

A statement issued by G24 finance ministers said that emerging countries, developing nations and economies in transition accounted for half of global Gross Domestic Product (GDP) and represented a majority of the world's population.

As such, these nations must be given more voting power in the IMF and the World Bank, the statement said.

G24 ministers said they wanted the reform blueprint to take account of GDP as well as countries' vulnerabilities to commodity price fluctuations, capitals flows and other shocks.