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:
11 Sep 2012
eISBN:
9781498339629
Language:
English
Keywords:
PP; quota reform; report reviews progress; quota increase; reform of the Executive Board; status; status of acceptance; status report review; quota threshold; proposed Board Reform Amendment; percent of target
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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 November 9, 137 members having 75.56 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, 125 members having 69.43 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 October 3.2 Since then, six additional members have consented to their proposed quota increase and twelve more members have accepted the proposed Board Reform 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 one of the thresholds, namely the required number of members, for the entry into force of the Board Reform Amendment. However, the membership is about four-fifths of the way toward meeting the voting power threshold for the entry into force of the Board Reform Amendment, which is also necessary for the effectiveness of the quota increase. Therefore, it remains critically important to reach the required voting power threshold as soon as possible. Staff and management will continue to work with country authorities to secure the needed acceptances in close collaboration with Executive Directors in the period ahead.

5. The staff will continue to report monthly to the Executive Board on the status of acceptances.3

A01ufig1

Progress with the Acceptance of the Board Reform Amendment as of November 9, 2012

(Percent of Targets)

Citation: Policy Papers 2012, 081; 10.5089/9781498339629.007.A001

Table 1.

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

November 9, 2012

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Table 2.

Members that Have Accepted the Proposed Board Reform Amendment

November 9, 2012

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Table 3.

Members that Have Consented to Their Quota Increase

November 9, 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.

3

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

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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 081
Publisher:
International Monetary Fund
ISBN:
9781498339629
ISSN:
2663-3493
Pages:
5
DOI:
https://doi.org/10.5089/9781498339629.007
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    Progress with the Acceptance of the Board Reform Amendment as of November 9, 2012

    (Percent of Targets)

Progress with the Acceptance of the Board Reform Amendment as of November 9, 2012

(Percent of Targets)