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International Monetary Fund
Since the IMFC last met in April, the Executive Board has taken up the full range of quota and other governance reforms. While there has been some movement on the many complex issues, discussions have been inconclusive, and no proposal has been able to command broad support. The concluding remarks that sum up these meetings lay out the various positions taken by members of the Board (attached). The debate is continuing, and we hope to make progress on finding the possible elements of a compromise acceptable to the membership.
International Monetary Fund
This paper responds to the request in the April 2009 IMFC communiqué for the Executive Board to report on governance reform. The current crisis has shown that the Fund’s decision-making structures can deliver the kind of innovative and rapid responses the membership needs and expects. Even so, there is an undercurrent of doubt about the future, reflecting the perception that much of the recent responsiveness has been driven by outside forces (e.g., the G-20) and that, once the crisis fades, old dissatisfactions with vote, voice and process will resurface to undermine the political backing that has been key to the Fund’s renewal. Hence, the IMFC’s interest in reforms to underpin the institution’s legitimacy and effectiveness is important and timely. This report focuses on five areas: fair quota share; high-level engagement; effective decision-making and representation at the Executive Board; open selection of management (and, more broadly, staff diversity); and updating of the Fund’s mandate.
International Monetary Fund
In February 2016, the Board of Governors adopted Resolution No. 71-2 on the Fifteenth General Review of Quotas (hereafter the “Fifteenth Review”), which (i) welcomed the entry into force of the Seventh Amendment on the Reform of the Executive Board, allowing the quota increases under the Fourteenth Review to become effective; (ii) urged the members who had not yet consented to their Fourteenth Review quota increases to do so without further delay and urged the members who had consented to their quota increases to make their quota payments in a timely manner; (iii) regretted that the Fifteenth Review had not been completed by December 15, 2015, as mandated by the Articles of Agreement and as requested in Board of Governors Resolution No. 70 1, and resolved to continue the Fifteenth Review under Article III, Section 2(a) and called on the Executive Board to work expeditiously on the Fifteenth Review in line with previous Executive Board understandings, and with the aim of completing the Fifteenth Review by the 2017 Annual Meetings; and (iv) requested that the Executive Board report to the Board of Governors on progress on the Fifteenth Review by the 2016 Annual Meetings and the 2017 Spring Meetings. This report responds to that request.
International Monetary Fund

manner; (iii) regretted that the Fifteenth Review had not been completed by December 15, 2015, as mandated by the Articles of Agreement and as requested in Board of Governors Resolution No. 70-1, and resolved to continue the Fifteenth Review under Article III, Section 2(a) and called on the Executive Board to work expeditiously on the Fifteenth Review in line with previous Executive Board understandings, and with the aim of completing the Fifteenth Review by the 2017 Annual Meetings; and (iv) requested that the Executive Board report to the Board of Governors on

International Monetary Fund

This paper responds to the request in the April 2009 IMFC communiqué for the Executive Board to report on governance reform. The current crisis has shown that the Fund’s decision-making structures can deliver the kind of innovative and rapid responses the membership needs and expects. Even so, there is an undercurrent of doubt about the future, reflecting the perception that much of the recent responsiveness has been driven by outside forces (e.g., the G-20) and that, once the crisis fades, old dissatisfactions with vote, voice and process will resurface to undermine the political backing that has been key to the Fund’s renewal. Hence, the IMFC’s interest in reforms to underpin the institution’s legitimacy and effectiveness is important and timely. This report focuses on five areas: fair quota share; high-level engagement; effective decision-making and representation at the Executive Board; open selection of management (and, more broadly, staff diversity); and updating of the Fund’s mandate.

International Monetary Fund

Since the IMFC last met in April, the Executive Board has taken up the full range of quota and other governance reforms. While there has been some movement on the many complex issues, discussions have been inconclusive, and no proposal has been able to command broad support. The concluding remarks that sum up these meetings lay out the various positions taken by members of the Board (attached). The debate is continuing, and we hope to make progress on finding the possible elements of a compromise acceptable to the membership.

International Monetary Fund
As foreshadowed in the Executive Board Report to the IMFC on the Fund’s Mandate, this technical note sketches the procedures under which synchronized approval of Flexible Credit Line (FCL) arrangements for multiple member countries could be undertaken under the existing FCL Decision and other Fund policies.1 When multiple members face the same shock, synchronized approval of FCL arrangements could strengthen the effectiveness of the response to the common shock and minimize first-mover problems. This technical note neither modifies existing Fund policies, nor establishes a new financing instrument.