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(EMDCs) from over- to under-represented countries, while protecting the voting share of the poorest members. However, it is clear that significant differences of view remained, including on the targeted outcomes and the modalities for achieving the agreed objectives. We will need to work hard to bridge those differences in a very tight time frame. I would like to highlight a few main points from our discussion today: First, on alternative mechanisms for distributing ad hoc increases, differing views were expressed on the potential role of a compressed GDP blend

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is intended to recognize the concerns that a number of Executive Directors have expressed about the formula, by giving a somewhat larger role to a country’s economic weight in allocating quota shares. Specifically, the second group of simulations incorporates the quota formula’s GDP blend variable 8 in the distribution key for allocating ad hoc increases, along with the quota formula. The third group makes the GDP blend variable the primary distribution key for the ad hoc increases, while the formula continues to be used to distribute selective increases. 15

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International Comparison Program (ICP). Two broad strands appeared to be emerging, around which views were quite divided. 8. One strand sees a role for PPP GDP in the new quota formula, in order to capture the non-financial roles of quotas. Recognizing that quotas also have important financial roles, such an approach would seem best facilitated through the use of a GDP blend variable, involving GDP measured at both market exchange rates and at PPP. The relative weights that could be assigned to market rate and PPP GDP in such a variable remain open. However, as the

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The IMF staff has updated individual member country data for the variables used in the quota formula for the period 1999-2011; the tables also include the comparable value of each variable for the previous quota dataset, which was based on data covering the period 1998-2010. The information is presented in millions of SDRs (Table A1) and in percent of their respective global totals (Tables A2 and A3). A table showing calculated quota shares based on the quota formula is also included (Table A4). The current quota formula includes a GDP variable, which is a blend of GDP at market rates and GDP at purchasing power parity (PPP), openness, variability, and international reserves (see Box 1 in Reform of Quota and Voice in the International Monetary Fund-Draft Report of the Executive Board to the Board of Governors). Data sources and a description of the quota variables are discussed in Quota Formula – Data Update and Further Considerations - Statistical Appendix; IMF Policy Paper; June 2013. Download Quota Data: Updated IMF Quota Formula Variables - July 2013
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This paper provides the basis for the next round of discussions on the 14th General Review of Quotas. The Committee of the Whole (COW) has so far met three times this year: in March and July to consider the realignment of quota shares, and in April for an initial discussion on the size of the overall increase. Directors also met informally with the Managing Director on July 22 to take stock of the remaining issues, keeping in mind the tight timetable for completing the review and the need for flexibility and compromise from all sides. As discussed at the informal meeting, the Board recess provided an opportunity to take stock of the different positions and seek guidance from capitals on possible ways forward, with the goal of reaching a pragmatic solution that could bridge the remaining gaps within the relatively short period of time still available.
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The IMF staff has updated individual member country data for the variables used in the quota formula for the period 2000-12. The updated database also incorporates the recently released 2011 International Comparison Program (ICP) global estimates for purchasing power parity rates (PPP) rates. The staff paper also presents updated calculated quota shares based on the current quota formula. The current quota formula includes a GDP variable, which is a blend of GDP at market rates and GDP at purchasing power parity (PPP), openness, variability, and international reserves. The International Monetary and Financial Committee has called for agreement on a new quota formula as part of the 15th General Review of Quotas. The paper presents a limited set of illustrative simulations of possible reforms of the quota formula using the updated quota data. These simulations are purely illustrative and do not represent proposals. The new data tables that can be downloaded via the below link include also the comparable value of each variable for the previous quota dataset, which was based on data covering the period 1999-2011. The information is presented in millions of SDRs (Table A1) and in percent of their respective global totals (Tables A2 and A3). A table showing calculated quota shares based on the current quota formula is also included (Table A4). Data sources and a description of the quota variables are discussed in Quota Formula – Data Update and Further Considerations - Statistical Appendix; IMF Policy Paper; July 2014. Download Quota Data: Updated IMF Quota Formula Variables - July 2014
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The quota database has been updated by one year through 2014. Overall, the results of the update continue the broad trends observed in previous updates, but the shifts between the main country groups are generally smaller. Using the current quota formula, the calculated quota share of Emerging Market and Developing Countries (EMDCs) as a group increases by 0.6 percentage points relative to the 2015 update to 49.3 percent, which is about half the increase in the last update. The paper takes stock of recent discussions on the quota formula, including the outcome of the Quota Formula Review in 2013 and subsequent discussions in the context of the annual quota data updates. It also updates the illustrative simulations of possible reforms of the quota formula presented previously, using the latest data. These simulations have sought to capture possible reforms that would be broadly in line with the conclusions of the Quota Formula Review and Directors’ guidance is sought on the relative merits of these reforms and the most productive areas for future work. Download Quota Data: Updated IMF Quota Formula Variables - September 2016
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III. Next Steps Tables 1. Distribution of Quotas and Calculated Quotas 2. Distribution of Quotas and Updated Quota Variables 3. Contributions to Changes in Calculated Quota Shares (CQS). 4. Top 10 Positive and Negative Changes in Calculated Quota Shares 5. Under- and Overrepresented Countries by Major Country Groups A1. Distribution of Quotas and Calculated Quotas—by Member A2. Distribution of Quotas and Updated Quota Variables—by Member A3. Updated GDP Blend Variable—by Member A4. Contributions to Changes in Calculated Quota Shares (CQS) A5

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Variables—by Member A3. Updated GDP Blend Variable—by Member A4. Contributions to Changes in Calculated Quota Shares (CQS) A5. Out-of-Lineness—by Member A6. Measures of Financial Openness—by Member A7. Distribution of Quotas and Updated Quota Variables—by Member A8. Measures of Financial Openness—by Member A9. Illustrative Calculations—Simplifying the Formula—by Member A10. Illustrative Calculations—Formula with Various GDP Blends—by Member A11. Illustrative Calculations—Formula Including Financial Openness—by Member A12. Illustrative Calculations

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widely available data. 9. It was agreed that GDP should remain the most important variable, with the largest weight in the formula and scope to further increase its weight. GDP is generally seen as the most comprehensive measure of economic size. Considerable support was expressed for increasing its weight, particularly if variability is dropped (see below), but others preferred to either keep the current weight or maintain it relative to that of openness. 10. Consideration will be given to whether or not the weight of PPP GDP in the GDP blend variable should be