In a move that may give big developing nations more operational say, the International Monetary Fund may raise the quotas of China, South Korea, Turkey and Mexico, the Financial Times reported. Rodrigo Rato, managing director of the IMF, said an agreement to review the fund's control and governance is near and may mark the deepest reform since its foundation in 1944. The review is partly driven by the need to adapt to changes in global power since the rise of Asian and other developing economies. Any reform mandate would come at the fund's annual meeting in Singapore in September. The first stage of a two-stage reform process would include modest increases in IMF quotas for the four large developing economies.