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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.
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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

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; (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

International Monetary Fund
In the report, the Executive Board proposes that the Board of Governors adopt a Resolution: (i) noting the Report of the Executive Board and expressing regret that the timetable for completing the Fifteenth Review established under Resolution No. 71-2 is no longer within reach; (ii) calling on the Executive Board to work on the Fifteenth Review expeditiously in line with existing Executive Board understandings and the guidance provided by the IMFC on October 8, 2016 with the aim of completing the Fifteenth Review by the 2019 Spring Meetings and no later than the 2019 Annual Meetings; (iii) requesting that the Executive Board report on progress on the Fifteenth Review to the Board of Governors semiannually, with a first report by the 2017 Annual Meetings; and (iv) urging the remaining members who have not yet consented to their quota increases under the Fourteenth General Review of Quotas to do so without further delay and urging the members who have consented to their quota increases to make their quota payments in a timely manner.

completion of the Fifteenth General Review of Quotas (hereinafter the “Fifteenth Review”) to January 2014; WHEREAS the Board of Governors called in Resolution No. 70–1 for the completion of the Fifteenth Review in line with previous Executive Board understandings, and by December 15, 2015 as mandated by the Articles of Agreement; WHEREAS the Executive Board reported to the Board of Governors on December 15, 2015 that work on the Fifteenth Review was delayed in light of the delay in the implementation of the quota and governance reforms agreed in 2010 and that, as a

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Executive Board report to the Board of Governors on progress on the Fifteenth Review semi-annually. 2. On October 4, 2017, the Executive Board discussed and adopted its first semi-annual report on progress on the Fifteenth Review. 1 The report covered issues related to the quota formula and realigning quota shares as well as issues related to the adequacy of Fund resources, discussed in informal meetings on September 1 and on September 15, 2017, respectively. 2 On April 3, 2018, the Executive Board discussed and adopted its second semi-annual report on progress on the

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positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. The Board of Governors also requested that steps be taken to protect the voice and representation of the poorest members. The Executive Board was also requested to complete a comprehensive quota formula review by January 2013. 2 These forward-looking elements were part of an agreed package of 2010 quota and governance reforms (hereafter the “2010 Reforms”). 2. In January 2014 and again in January 2015, the Executive Board reported to the Board of

International Monetary Fund
Following the guidance on the Board of Governors Resolution No. 72-1 (December 2016), on April 3, 2019, the Executive Board discussed and adopted its fourth semi-annual report on progress on the Fifteenth Review. The report described that it had become evident that it would not be possible to secure the required support for a quota increase under the Fifteenth Review.

2019 Spring Meetings and no later than the 2019 Annual Meetings. 3. The Board of Governors requests that the Executive Board report to the Board of Governors on progress on the Fifteenth Review semi-annually, with a first report by the 2017 Annual Meetings. 4. The Board of Governors urges the members who have not yet consented to their quota increases under the Fourteenth General Review of Quotas to do so without further delay and urges the members who have consented to their quota increases to make their quota payments in a timely manner. 1 See Board

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package of 2010 quota and governance reforms (hereafter the “2010 Reforms”). Each member committed to use its best efforts to complete the required steps for the effectiveness of the quota increases under the Fourteenth Review no later than the Annual Meetings in 2012. 2 2. The Executive Board reported to the Board of Governors on the outcome of the quota formula review on January 30, 2013. 3 The report noted that important progress had been made in identifying key elements that could form the basis for a final agreement on a new quota formula. It was agreed that