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IMF POLICY PAPER
2020 QUOTA DATA UPDATE
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document has been released and is included in this package:
The Main Paper, prepared by IMF staff and completed on October 23, 2020.
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International Monetary Fund
Washington, D.C.
March 2021
© 2021 International Monetary Fund
Title Page
QUOTA DATA UPDATE
October 23, 2020
Executive Summary
This paper presents the annual update of the quota database and extends the database by one year through 2018. The paper provides an overview of the data and of the methodology and covers the quota formula variables and calculated quota shares based on the current quota formula.
The paper presents summary results for the updated data set, with country-by-country details provided in an Annex. In terms of broad country groups, the results of the data update show that the changes in calculated quota shares are modest. In particular, the update results in a small decline in the aggregate share of emerging market and developing countries (EMDCs) by 0.2 percentage points to 49.8 percent, after a small increase in the previous data update. The decline in the EMDC share reflects a decline of Africa, the Middle East, and the Western Hemisphere while Asia and Transition Economies recorded a slight increase. The shares of most major advanced economies (AEs) remained broadly unchanged while the share of other AEs as a group increased by 0.2 percentage points.
This year’s quota data update includes the results of the new Purchasing Power Parity (PPP) price level indices (or PPP factors) based on the 2017 International Comparison Program (ICP) round, which were published in May 2020. For a majority of Fund members, especially EMDCs including some large EMDC members, the 2017 ICP round results in an upward revision of the PPP factor, and consequently, a downward revision of PPP GDP. The resulting lower share of EMDCs’ PPP GDP, and a correspondingly higher share of AEs’ PPP GDP, largely account for the small shift in the calculated quota share in favor of AEs in this year’s quota data update.
Approved By
Andrew Tweedie (FIN) and Louis Marc Ducharme (STA)
Prepared by the Finance and Statistics Departments in collaboration with other departments, under the overall guidance of Tom Krueger and Heikki Hatanpaa (FIN), and Gabriel Quirós-Romero and Paul Austin (STA). The team comprised Henrique Chociay, Marco Cobanera, Beata Jajko, Kubi Johnson, Mizuho Kida, Joel Okwuokei, Sandra Saveikyte, and Zhibo Tan, led by Greetje Everaert (FIN); and Jolayemi Akinde, Marcelo Dinenzon, Venkateswarlu Josyula, Gregory Legoff, Emmanuel Manolikakis, Laurent Meister, Niall O’Hanlon, Lisbeth Rivas, and Ercument Tulun, led by Jimmy McHugh and Artak Harutyunyan (STA). Excellent administrative assistance was provided by Rafael Flores and Shanika Jayakody.
Contents
INTRODUCTION
DATA AND METHODOLOGY
RESULTS OF THE UPDATE
BOX
1. Current Quota Formula
FIGURES
1. Calculated Quota Shares, 2008–18
2. Contributions to Absolute Changes in CQS from the Previous Year
3. Out-of-Lineness (OOL)
TABLES
1. Updated Quota Formula Variables
2. Quota Formula Variables and CQS and Impact of ICP 2017 Round
3. Largest Absolute Changes in Calculated Quota Shares
4. Largest Relative Changes in Calculated Quota Shares
ANNEXES
I. Results of the 2017 International Comparison Program (ICP)
II. Openness Excluding Intra-Currency Union Trade
III. Alternative Lists of Poorest and Smallest Members
IV. Voluntary Financial Contributions
V. Construction of the Database and By-Member Data Tables