Front Matter

Front Matter Page

EXTENSION OF THE PERIOD FOR CONSENT TO INCREASE QUOTAS UNDER THE FOURTEENTH GENERAL REVIEW OF QUOTAS, THE 2008 REFORM OF QUOTA AND VOICE, AND THE ELEVENTH GENERAL REVIEW OF QUOTAS

December 2015

IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document has been released and is included in this package.

  • The Staff Report on Extension of the Period for Consent to Increase Quotas Under the Fourteenth General Review of Quotas, the 2008 Reform of Quota and Voice, and the Eleventh General Review of Quotas, prepared by IMF staff. The proposed decision in the paper was approved by the Executive Board on December 24, 2015.

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Front Matter Page

EXTENSION OF THE PERIOD FOR CONSENT TO INCREASE QUOTAS UNDER THE FOURTEENTH GENERAL REVIEW OF QUOTAS, THE 2008 REFORM OF QUOTA AND VOICE, AND THE ELEVENTH GENERAL REVIEW OF QUOTAS

December 16, 2015

Approved By

Andrew Tweedie

Prepared by the Finance Department (In consultation with the Legal and Secretary’s Departments)

1. This paper proposes a further six-month extension of the period for consent to increase quotas under the Fourteenth General Review of Quotas.1 The current deadline is due to expire on December 31, 2015,2 however, Board of Governors Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine. An extension under Resolution No. 66-2 will also extend the periods of consent for quota increases under the 2008 Reform of Quota and Voice (Resolution No. 63-2) and the Eleventh General Review of Quotas (Resolution No. 53-2).3

2. As of December 14, 2015, 21 members have not yet consented to their proposed quota increases under Resolution No. 66-2 (see Appendix I).4 Once the conditions for effectiveness of the individual quota increases are met, members may then pay for their quota increases to make them effective.5

3. A few members still have to consent to their quota increases under the 2008 Reform and the 11th General Review of Quotas. Five of the 54 members eligible for ad hoc quota increases under the 2008 Reform have not yet consented to their quota increases (see Appendix II). Furthermore, two members (Somalia and Sudan) are currently not eligible to consent to their quota increases under the 11th and 14th General Reviews due to protracted arrears to the Fund in the General Resources Account.6,7

4. In these circumstances, it is proposed to extend the period for consent under Resolution No. 66-2 to end at 6:00 p.m., Washington time, on June 30, 2016. This proposal would not affect the efforts underway to secure the remaining condition for the effectiveness of the 14th General Review quota increases as noted above.

Extension of the Period for Consent to Increase Quotas Under the Fourteenth General Review of Quotas, the 2008 Reform of Quota and Voice, and the Eleventh General Review of Quotas
Author: International Monetary Fund