International Monetary Fund

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IMF Quota and Governance Publications

Last Updated: September 11, 2013

On December 15, 2010, the Board of Governors of the International Monetary Fund (IMF) approved a package of far-reaching reforms of the Fund's quotas and governance. These reforms represent a major realignment in the ranking of quota shares that better reflects global economic realities, and a strengthening in the Fund’s legitimacy and effectiveness.

Members will make best efforts to complete their domestic approval processes of these reforms by the Annual Meeting of the Board of Governors in October 2012.

The 2010 reforms build on an earlier set of reforms that were approved by the Board of Governors in April 2008 and came into effect on March 3, 2011, with the acceptance of the ‘Voice and Participation’ amendment to the Articles of Agreement by 117 member countries representing 85 percent of the total voting power. (The requirement for amendments to the Articles to enter into force is acceptance of at least three-fifths of member, representing 85 percent of the total voting power.) The 2008 reforms strengthen the representation of dynamic economies, many of which are emerging market countries, through ad hoc quota increases for 54 member countries. They also enhance the voice and participation of low-income countries through (i) an almost tripling of basic votes—the first increase since the IMF's creation in 1945, (ii) a mechanism that, going forward, will keep constant the ratio of basic votes to total IMF voting power, and (iii) enabling Executive Directors representing 7 or more members to each appoint a second Alternate Executive Director following the 2012 regular elections of Executive Director.

For the 14th General Review and associated reforms to also come into effect, (i) the proposed amendment to the Articles of Agreement on reform of the Executive Board needs to be accepted by at least three-fifths of IMF members representing 85 percent of the total voting power, and (ii) members representing at least 70 percent of the total quotas on November 5, 2010 must consent in writing to their quota increases. Many member countries will need the approval of domestic legislatures to accept the proposed amendments to the Articles of Agreement.

Reaching agreement on these reforms involved substantial deliberation by the IMF's Executive Board, with key documents associated with these discussions listed below.

2010 Reforms: Documents
(August 2009—July 2012)





2008 Reforms: Documents
(June 2006-April 2008)