Led by Japan, Asian members of the International Monetary Fund are demanding a review of voting rights in the world body, suggesting they needed to better reflect the region's importance in the global economy. The review was called for yesterday after a two-day meeting in Hong Kong of the Manila Framework Group (MFG), which brings together finance chiefs of 14 Asia-Pacific countries. The MFG said its members had exchanged views on recent efforts to streamline the IMF's financing facilities and on the work done by the body to involve the private sector in crisis prevention. It also said it had discussed 'the need to review the IMF's quota allocation in order to better reflect the economic realities of the world today'. In more forthright comments on the subject, the MFG's Japanese representative Haruhiko Kuroda said more than half a century had passed since the IMF was established. 'Despite the fact that many Asian countries have emerged as important economic powers, the voting share and Board representation of the Asian countries have been extremely limited,' he said. 'Thirty-seven per cent of the voting power of the IMF belongs to executive directors from Europe, eight of the 24 executive directors are from Europe, and seven of these eight represent a single economic union. 'We believe that the member countries of the IMF urgently need to consider the redistribution of quotas.' Tokyo had nominated a predecessor of Mr Kuroda - former Vice-Minister for finance Eisuke Sakakibara - as a candidate for the post of managing director of the IMF. However, it withdrew that nomination in the interests of forging a consensus. In order to become a truly global organisation, the IMF should select its leaders based on ability 'and not on his or her country or origin', Mr Kuroda said yesterday.