Abstract

Article III, Section 2(a) of the Articles of Agreement provides that “[t]he Board of Governors shall at intervals of not more than five years conduct a general review, and if it deems it appropriate propose an adjustment, of the quotas of the members.” The five-year period prescribed by Article III, Section 2(a) for the Tenth General Review of Quotas ended on March 31, 1993, five years from the date on which the Ninth General Review of Quotas should have been concluded. As the Tenth General Review was not completed by March 31, 1993, the Board of Governors decided to continue its review of quotas under the Tenth General Review (Resolution No. 48-3, adopted April 14, 1993). In connection with its work on the Tenth General Review, the Executive Board considered the adequacy of the quotas of members in the Fund. The Executive Board was of the view that the overall size of the Fund for the time being was broadly sufficient to enable the Fund to promote effectively its purposes and to fulfill its central role in the international monetary system. In view of the foregoing considerations, the Executive Board decided on December 12, 1994 to submit a report entitled“Tenth General Review of Quotas - Completion of Review Under Article III, Section 2” to the Board of Governors, containing a proposed Resolution which was recommended for adoption.