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:
13 Feb 2013
eISBN:
9781498342322
Language:
English
Keywords:
PP; report reviews progress; quota increase; governance reform; reform of the Executive Board; progress; status; status report review; proposed Board Reform Amendment; threshold for effectiveness of the quota; Statusof acceptances of the Proposed Board Reform Amendment
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This status report reviews progress toward implementation of the 2010 Quota and Governance 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 Quota and Governance 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 Quota and Governance 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 February 13, 2013, 146 members having 77.1 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, 133 members having 70.8 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 January 15, 2013.2 Since then, one additional member has consented to the proposed quota increase and three more members have accepted the proposed Board Reform Amendment. Overall, the membership has already achieved the quota threshold for effectiveness of the quota increases under the 14th General Review of Quotas andone of the thresholds, namely the required number of members, for the entry into force ofthe Board Reform Amendment. However, the membership is about only four-fifths of the way toward meetingthe second threshold,namely thevoting power threshold, for the entry into force of the Board Reform Amendment, which is also necessaryfor the effectiveness of the quotaincrease. It remains critically importantto reach the required voting power threshold as soon as possible.

5. Staff and management continue to work closely with country authorities to secure additional acceptances and consents in collaboration with Executive Directors. The staff willalso continue to report monthly to the Executive Board on the status of acceptances.3

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Progress with the Acceptance of the Board Reform Amendment as of February 13, 2013

(Percent of Target)

Citation: Policy Papers 2013, 007; 10.5089/9781498342322.007.A001

Table 1.

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

February 13, 2013

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Table 2.

Members that Have Accepted the Proposed Board Reform Amendment

February 13, 2013

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Table 3.

Members that Have Consented to Their Quota Increase February 13, 2013

February 13,2013

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1

The third condition set out in Resolution No. 66-2 was 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 http://www.imf.org/external/np/pp/eng/2013/011513.pdf 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 2013: Issue 007
Publisher:
International Monetary Fund
ISBN:
9781498342322
ISSN:
2663-3493
Pages:
5
DOI:
https://doi.org/10.5089/9781498342322.007
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    Progress with the Acceptance of the Board Reform Amendment as of February 13, 2013

    (Percent of Target)

Progress with the Acceptance of the Board Reform Amendment as of February 13, 2013

(Percent of Target)