International Monetary Fund. Finance Dept. and International Monetary Fund. Statistics Dept.
This paper provides background for an initial discussion under the Fifteenth General Review of Quotas (15th Review) in line with the work plan agreed by the Executive Board. It discusses issues related to further reforms of the quota formula and realigning quota shares, based on updated quota data through 2015. A companion paper, to be discussed separately, will address issues related to the size of the Fund and mix of quota and borrowed resources. Both these papers seek to facilitate initial discussions on some of the key issues for the 15th Review. No proposals are made at this stage, recognizing that further deliberations will be needed before the issues under discussion can begin to be narrowed down.
International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, and Review Department
The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. Responding to Directors suggestions, the quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. While quantitative estimates are generally somewhat lower after factoring in the alternative assumptions, these reductions are more than outweighed when the analysis is extended through the middle of the next decade, recognizing that the outcome of the 15th Review will likely determine permanent Fund resources through at least the middle of the next decade. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. It also provides an assessment of the general impact of the various qualitative considerations. Taken together, the two pillars continue to make a case for at least maintaining existing Fund resources. Against this background, the simulations in the paper cover three illustrative sizes for quota increases (50, 75, and 100 percent), centered on broadly maintaining Fund resources, assuming the New Arrangements to Borrow (NAB) is maintained at its current level and Bilateral Borrowing Agreements (BBAs) expire.
International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Statistics Dept.
This paper provides background for a further round of discussions on the Fifteenth General Review of Quotas (hereafter 15th Review). The paper builds on work presented in previous staff papers and Directors’ views expressed in three meetings of the Committee of the Whole in September 2017 and February 2018. No proposals are presented at this stage, pending further Board guidance on possible approaches to narrowing the current differences of views.
This paper proposes a further 34-day extension of the period for payment of quota increases under the Fourteenth General Review of Quotas (“Fourteenth Review”), and an extension for the payment of the quota increases under the 2008 Reform, through June 30, 2016.
For the Fourteenth Review, under Board of Governors Resolution No. 66-2, each member shall pay to the Fund the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its consent, or (b) the date on which all of the general effectiveness conditions for the quota increases under the Fourteenth Review are met, provided that the Executive Board may extend the payment period as it may determine. The initial 30-day period for payments has been extended three times, most recently through May 27, 2016. Good progress is being made in implementing the quota payments. However, some members have indicated that they require additional time to complete internal procedures for the payment of quota increases. Staff is following up with the authorities in each of these cases to facilitate timely arrangements for payments.
This paper proposes a further 30-day extension of the period for payments of quota increases under the Fourteenth General Review of Quotas (“Fourteenth Review”), and an extension for the payment of the quota increases under the 2008 Reform, through April 27, 2016.
This paper proposes a further six-month extension of the period for consent to increase quotas under the Fourteenth General Review of Quotas. The current deadline is due to expire on December 31, 2014; however, Board of Governor’s 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).
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the METAC subaccount under the terms of the SFA Instrument.
Management has engaged in discussions with member countries in the Middle East region as well as donors on regional needs in capacity building, training and related activities. Because METAC has a proven track record to provide focused, flexible, and responsive technical assistance (TA) in a cost-effective manner, both beneficiary countries of METAC and interested donors are supportive to continue the Fund’s involvement in this regard. The center’s activities will continue to focus on the following key areas representing common policy challenges to member countries, including those related to increased regional integration: (i) revenue administration; (ii) public financial management; (iii) banking supervision; and (iv) economic and financial statistics.
The staff report for the 2008 Article IV Consultation of the Syrian Arab Republic on economic developments and policies is discussed. The impact of adverse global and regional developments currently under way on the Syrian economy is expected to be relatively moderate in the short term. The effects are likely to be through weakening FDI, remittances, and demand for Syrian exports from the Gulf region. The positive outlook is contingent on perseverance in advancing fiscal and structural reforms and an improvement in global conditions over the medium term.