Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas - Status of Acceptances and Consents
Author: International Monetary Fund
Publication Date:
10 Mar 2012
eISBN:
9781498339827
Language:
English
Keywords:
PP; bottom; quota reform; status report reviews progress; quota increase; reform of the Executive Board; status report; status report review; Board amendment; consent to quota increase
Download PDF (488.9 KB)

This status report reviews progress toward implementation of the 2010 Governance and Quota Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.

Abstract

This status report reviews progress toward implementation of the 2010 Governance and Quota Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.

1. This status report reviews progress toward implementation of the 2010 Governance and Quota Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.

2. For the proposed quota increases under the 14th General Review of Quotas to become effective, members having not less than 70 percent of the total of quotas on November 5, 2010 must consent to the increases in their quotas and the proposed Board Reform Amendment must have entered into force.1 The proposed Board Reform Amendment enters into force once the Fund certifies that three-fifths of the members (i.e., currently 113 members) representing 85 percent of the total voting power have accepted the proposed amendment.

3. As of October 3, 131 members having 75.02 percent of quotas as of November 5, 2010 had consented to their proposed quota increases under the 14th General Review of Quotas. As of the same date, 113 members having 67.07 percent of the total voting power had accepted the proposed Board Reform Amendment (see attached Tables).

4. The previous status report was issued to the Executive Board on September 10.2 Since then, seven additional members have consented to their proposed quota increase and eight more members have accepted the proposed Board Amendment. Overall, the membership has already achieved both the quota threshold for effectiveness of the quota increases under the 14th General Review of Quotas and the required number of member acceptances for entry into force of the Seventh Amendment. However, the membership is still only about four-fifth of the way toward meeting the voting power requirement for entry into force of the Seventh Amendment, on which effectiveness of the quota increase also depends. Accordingly, efforts to gather as many additional acceptances as possible of the Board Reform Amendment in the period ahead remain critically important.

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Progress with the Acceptance of the Seventh Amendment as of October 3, 2012

(Percent of Targets)

Citation: Policy Papers 2012, 010; 10.5089/9781498339827.007.A001

Table 1.

Consents to Quota Increases and Status of Acceptances of the Proposed Board Reform Amendment

October 3, 2012

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Information on consents and acceptances is also available at: http://www.imf.org/external/np/sec/misc/consents.htm
Table 2.

Members that Have Accepted the Proposed Board Reform Amendment October 3, 2012

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Table 3.

Members that Have Consented to Their Quota Increase October 3, 2012

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1

The third condition set out in Resolution No. 66-2 has been met with the entry into force on March 3, 2011 of the Voice and Participation Amendment (Sixth Amendment) of the Fund’s Articles of Agreement, approved under Board of Governors Resolution No. 63-2.

2

See Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas—Status of Acceptances and Consents.

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Cover Policy Papers
Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas - Status of Acceptances and Consents
Author: International Monetary Fund
Volume/Issue:
Volume 2012: Issue 010
Publisher:
International Monetary Fund
ISBN:
9781498339827
ISSN:
2663-3493
Pages:
5
DOI:
https://doi.org/10.5089/9781498339827.007
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    Progress with the Acceptance of the Seventh Amendment as of October 3, 2012

    (Percent of Targets)

Progress with the Acceptance of the Seventh Amendment as of October 3, 2012

(Percent of Targets)