1. In December 2016, the Board of Governors adopted Resolution No. 72–1 on the Fifteenth General Review of Quotas (hereafter the “Fifteenth Review”), which inter alia (i) called on the Executive Board to work expeditiously on the Fifteenth Review in line with existing Executive Board understandings and the guidance provided by the International Monetary and Financial Committee (IMFC) on October 8, 2016, and with the aim of completing the Fifteenth Review by the 2019 Spring Meetings and no later than the 2019 Annual Meetings; and (ii) requested 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.
2. This Report seeks to respond to the above request. In line with its agreed work plan on the Fifteenth Review,1 Executive Directors met as the Committee of the Whole on two occasions in September 2017 for an informal exchange of views on key issues for the Fifteenth Review.2,3 The discussions covered issues related to the quota formula and realigning quota shares on September 1, and the adequacy of Fund resources on September 15. Directors recognized that these issues are closely interlinked and will ultimately need to be agreed as a package. Many also stressed that IMF bodies should lead the process and determine the outcome.
3. Given the informal nature of these discussions, no formal summing up was issued at their conclusion. Rather, the Chair provided informal remarks reflecting her understanding of the views expressed. The summary below draws heavily on these remarks, but does not purport to capture all nuances that have been expressed to date.
The work plan was set out in Attachment I of Fifteenth General Review of Quotas—Report of the Executive Board to the Board of Governors (11/02/16).
As is customary for general reviews of quotas, the forum for the discussions was the Committee of the Whole. The Committee of the Whole for purposes of the Fifteenth Review was established by the Executive Board on January 30, 2013.
As envisaged in the Executive Board’s work plan, these discussions followed and were informed by earlier Board discussions on possible reforms of the Fund’s lending toolkit and the collaboration between the IMF and Regional Financing Arrangements (RFAs).
As background for this discussion, staff had prepared the document entitled Fifteenth General Review of Quotas— Quota Formula and Realigning Shares (8/1/17).
As background for this discussion, staff had prepared the document entitled Fifteenth General Review of Quotas— Adequacy of Fund Resources—Further Considerations (7/31/17).