Abstract
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 June 30, 2015; 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). As of June 10, 2015, 24 members have not yet consented to their proposed quota increases under Resolution No. 66-2 (see Appendix I). Once the conditions for effectiveness of the individual quota increases are met, members may then pay for their quota increases to make them effective.
Proposed Decision
Accordingly, the following decision, which may be adopted by a majority of the votes cast, is proposed for adoption by the Executive Board:
“Pursuant to paragraph 4 of Resolution No. 66-2, Fourteenth General Review of Quotas and Reform of the Executive Board, the Executive Board decides that notices of consent from members to increases in their quotas must be received in the Fund by 6:00 p.m., Washington time, on December 31, 2015.”
Status of Members’ Consents to Increases in Quotas Under the Fourteenth General Review of Quotas in the International Monetary Fund
(as of June 10, 2015)
Status of Members’ Consents to Increases in Quotas Under the Fourteenth General Review of Quotas in the International Monetary Fund
(as of June 10, 2015)
| The 24 members listed below have not yet consented to their respective quota increases under the Board of Governors’ Resolution No. 66-2: | |
| Bahrain | Rwanda |
| Bolivia | Somalia |
| Bosnia and Herzegovina | St. Kitts and Nevis |
| Cabo Verde | Sudan |
| Costa Rica | Syria |
| Ecuador | Tuvalu |
| Eritrea | United Arab Emirates |
| Grenada | United States |
| Guatemala | Venezuela |
| Kyrgyz Republic | |
| Lebanon | |
| Madagascar | |
| Mauritania | |
| Micronesia | |
| Mongolia | |
Status of Members’ Consents to Increases in Quotas Under the Fourteenth General Review of Quotas in the International Monetary Fund
(as of June 10, 2015)
| The 24 members listed below have not yet consented to their respective quota increases under the Board of Governors’ Resolution No. 66-2: | |
| Bahrain | Rwanda |
| Bolivia | Somalia |
| Bosnia and Herzegovina | St. Kitts and Nevis |
| Cabo Verde | Sudan |
| Costa Rica | Syria |
| Ecuador | Tuvalu |
| Eritrea | United Arab Emirates |
| Grenada | United States |
| Guatemala | Venezuela |
| Kyrgyz Republic | |
| Lebanon | |
| Madagascar | |
| Mauritania | |
| Micronesia | |
| Mongolia | |
Status of Members’ Consents to Increases in Quotas Under the 2008 Reforms of Quota and Voice in the International Monetary Fund
(as of June 10, 2015)
Bhutan, Palau, and Turkmenistan have consented to their quota increases under the Fourteenth General Review.
Status of Members’ Consents to Increases in Quotas Under the 2008 Reforms of Quota and Voice in the International Monetary Fund
(as of June 10, 2015)
| The five members listed below have not yet consented to their respective quota increases under the Board of Governors’ Resolution No. 63-2: |
| Bahrain |
| Bhutan (*) |
| Costa Rica |
| Palau, Republic of (*) |
| Turkmenistan (*) |
Bhutan, Palau, and Turkmenistan have consented to their quota increases under the Fourteenth General Review.
Status of Members’ Consents to Increases in Quotas Under the 2008 Reforms of Quota and Voice in the International Monetary Fund
(as of June 10, 2015)
| The five members listed below have not yet consented to their respective quota increases under the Board of Governors’ Resolution No. 63-2: |
| Bahrain |
| Bhutan (*) |
| Costa Rica |
| Palau, Republic of (*) |
| Turkmenistan (*) |
Bhutan, Palau, and Turkmenistan have consented to their quota increases under the Fourteenth General Review.
See
See Extension of the Period for Consent to Increase Quotas Under the Fourteenth General Review of Quotas, the 2008 Reform of Quota and Voice, and the Eleventh General Review of Quotas (12/11/2014), http://www.imf.org/external/np/pp/eng/2014/120914.pdf.
Paragraph 7 of Resolution No. 66-2 states: “For members that have not yet consented to their increases in quotas under the Eleventh General Review and under Board of Governors’ Resolution No. 63-2, the deadline for consent to such quota increases shall be the date determined by or under paragraph 4 above”.
One hundred and sixty-four members representing 80.34 percent of quotas on November 5, 2010 have consented to their quota increases.
The outstanding condition is the entry into force of the Proposed Amendment on the Reform of the Executive Board, which must be accepted by three-fifths of the members (i.e., 113 members), having eighty-five percent of the total voting power. As of June 10, 2015, 147 members accounting for 77.25 percent of the total voting power have accepted the amendment. Please see http://www.imf.org/external/np/sec/misc/consents.htm. The second and third conditions—consent to quota increases from members representing at least 70 percent of quotas as of November 5, 2010 and effectiveness of the Voice and Participation Amendment—have been met.
Resolutions No. 53-2 and 66-2 provide that no member with overdue repurchases, charges, or assessments to the General Resources Account may consent to, or pay for, its quota increase until it becomes current with respect to these obligations.
See Review of the Fund’s Strategy on Overdue Financial Obligations (8/20/2012), www.imf.org/external/np/pp/eng/2012/082012.pdf.