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Press Release No. 99/4
January 22, 1999
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Quota Increase Enters into Effect--Boosts IMF Resources

Today, the International Monetary Fund (IMF) determined that members having more than 85 percent of the total of Fund quotas have consented to increases in their quotas under the Eleventh General Review of Quotas.1 This meets the participation requirement for the quota increase to enter into effect.

For individual quota increases to become effective, each member that has already consented must pay the increase to the IMF within 30 days from today. Members that consent later than today must pay the increase within 30 days after the date on which the IMF is notified of their consent. At present, members have until January 29, 1999 to consent to their individual increases. The IMF’s Executive Board may extend this period for consent.

Under the 11th Review, the quotas of the IMF membership as a whole will increase from SDR 145.6 billion (about US$204 billion) to SDR 212.0 billion (about US$297 billion). The IMF’s usable resources are expected to rise by about SDR 45 billion (about US$63 billion).

A list of members’ current and proposed quotas is attached.

Attachment


IMF Members' Quotas






Current Quotas


Proposed New Quotas

Countries ranked by Eleventh Review quota

Amount (in millions of SDRs)

Share (in percent)


Amount (in millions of SDRs)

Share (in percent)







United States

26,526.8

18.212


37,149.3

17.521

Japan

8,241.5

5.658


13,312.8

6.279

Germany

8,241.5

5.658


13,008.2

6.135

France

7,414.6

5.090


10,738.5

5.065

United Kingdom

7,414.6

5.090


10,738.5

5.065







Italy

4,590.7

3.152


7,055.5

3.328

Saudi Arabia

5,130.6

3.522


6,985.5

3.295

Canada

4,320.3

2.966


6,369.2

3.004

Russia

4,313.1

2.961


5,945.4

2.804

Netherlands

3,444.2

2.365


5,162.4

2.435







China

3,385.2

2.324


4,687.2

2.211

Belgium

3,102.3

2.130


4,605.2

2.172

India

3,055.5

2.098


4,158.2

1.961

Switzerland

2,470.4

1.696


3,458.5

1.631

Australia

2,333.2

1.602


3,236.4

1.526







Spain

1,935.4

1.329


3,048.9

1.438

Brazil

2,170.8

1.490


3,036.1

1.432

Venezuela

1,951.3

1.340


2,659.1

1.255

Mexico

1,753.3

1.204


2,585.8

1.220

Sweden

1,614.0

1.108


2,395.5

1.130







Argentina

1,537.1

1.055


2,117.1

0.999

Indonesia

1,497.6

1.028


2,079.3

0.981

Austria

1,188.3

0.816


1,872.3

0.883

South Africa

1,365.4

0.937


1,868.5

0.882

Nigeria

1,281.6

0.880


1,753.2

0.827







Norway

1,104.6

0.758


1,671.7

0.789

Denmark

1,069.9

0.735


1,642.8

0.775

Korea

799.6

0.549


1,633.6

0.771

Iran, Islamic Republic of

1,078.5

0.740


1,497.2

0.706

Malaysia

832.7

0.572


1,486.6

0.701







Kuwait

995.2

0.683


1,381.1

0.652

Ukraine

997.3

0.685


1,372.0

0.647

Poland

988.5

0.679


1,369.0

0.646

Finland

861.8

0.592


1,263.8

0.596

Algeria

914.4

0.628


1,254.7

0.592







Iraq

504.0

0.346


1,188.4

0.561

Libya

817.6

0.561


1,123.7

0.530

Thailand

573.9

0.394


1,081.9

0.510

Hungary

754.8

0.518


1,038.4

0.490

Pakistan

758.2

0.521


1,033.7

0.488







Romania

754.1

0.518


1,030.2

0.486

Turkey

642.0

0.441


964.0

0.455

Egypt

678.4

0.466


943.7

0.445

Israel

666.2

0.457


928.2

0.438

New Zealand

650.1

0.446


894.6

0.422







Philippines

633.4

0.435


879.9

0.415

Portugal

557.6

0.383


867.4

0.409

Singapore

357.6

0.246


862.5

0.407

Chile

621.7

0.427


856.1

0.404

Ireland

525.0

0.360


838.4

0.396







Greece

587.6

0.403


823.0

0.388

Czech Republic

589.6

0.405


819.3

0.387

Colombia

561.3

0.385


774.0

0.365

Bulgaria

464.9

0.319


640.2

0.302

Peru

466.1

0.320


638.4

0.301







United Arab Emirates

392.1

0.269


611.7

0.289

Morocco

427.7

0.294


588.2

0.278

Bangladesh

392.5

0.269


533.3

0.252

Congo, Democratic Republic of

291.0

0.200


533.0

0.251

Zambia

363.5

0.250


489.1

0.231







Sri Lanka

303.6

0.208


413.4

0.195

Belarus

280.4

0.193


386.4

0.182

Ghana

274.0

0.188


369.0

0.174

Kazakhstan

247.5

0.170


365.7

0.173

Croatia

261.6

0.180


365.1

0.172







Slovak Republic

257.4

0.177


357.5

0.169

Zimbabwe

261.3

0.179


353.4

0.167

Trinidad and Tobago

246.8

0.169


335.6

0.158

Vietnam

241.6

0.166


329.1

0.155

Côte d'Ivoire

238.2

0.164


325.2

0.153







Sudan

169.7

0.117


315.1

0.149

Uruguay

225.3

0.155


306.5

0.145

Ecuador

219.2

0.150


302.3

0.143

Syrian Arab Republic

209.9

0.144


293.6

0.139

Tunisia

206.0

0.141


286.5

0.135







Angola

207.3

0.142


286.3

0.135

Luxembourg

135.5

0.093


279.1

0.132

Uzbekistan

199.5

0.137


275.6

0.130

Jamaica

200.9

0.138


273.5

0.129

Kenya

199.4

0.137


271.4

0.128







Qatar

190.5

0.131


263.8

0.124

Myanmar

184.9

0.127


258.4

0.122

Yemen, Republic of

176.5

0.121


243.5

0.115

Slovenia

150.5

0.103


231.7

0.109

Dominican Republic

158.8

0.109


218.9

0.103







Brunei Darussalam

150.0

0.103


215.2

0.102

Guatemala

153.8

0.106


210.2

0.099

Panama

149.6

0.103


206.6

0.097

Lebanon

146.0

0.100


203.0

0.096

Tanzania

146.9

0.101


198.9

0.094







Oman

119.4

0.082


194.0

0.092

Cameroon

135.1

0.093


185.7

0.088

Uganda

133.9

0.092


180.5

0.085

Bolivia

126.2

0.087


171.5

0.081

El Salvador

125.6

0.086


171.3

0.081







Jordan

121.7

0.084


170.5

0.080

Bosnia and Herzegovina

121.2

0.083


169.1

0.080

Costa Rica

119.0

0.082


164.1

0.077

Afghanistan, Islamic State of

120.4

0.083


161.9

0.076

Senegal

118.9

0.082


161.8

0.076







Azerbaijan

117.0

0.080


160.9

0.076

Gabon

110.3

0.076


154.3

0.073

Georgia

111.0

0.076


150.3

0.071

Lithuania

103.5

0.071


144.2

0.068

Cyprus

100.0

0.069


139.6

0.066







Namibia

99.6

0.068


136.5

0.064

Bahrain

82.8

0.057


135.0

0.064

Ethiopia

98.3

0.067


133.7

0.063

Papua New Guinea

95.3

0.065


131.6

0.062

Bahamas, The

94.9

0.065


130.3

0.061







Nicaragua

96.1

0.066


130.0

0.061

Honduras

95.0

0.065


129.5

0.061

Liberia

71.3

0.049


129.2

0.061

Latvia

91.5

0.063


126.8

0.060

Moldova

90.0

0.062


123.2

0.058







Madagascar

90.4

0.062


122.2

0.058

Iceland

85.3

0.059


117.6

0.055

Mozambique

84.0

0.058


113.6

0.054

Guinea

78.7

0.054


107.1

0.051

Sierra Leone

77.2

0.053


103.7

0.049







Malta

67.5

0.046


102.0

0.048

Mauritius

73.3

0.050


101.6

0.048

Paraguay

72.1

0.050


99.9

0.047

Mali

68.9

0.047


93.3

0.044

Suriname

67.6

0.046


92.1

0.043







Armenia

67.5

0.046


92.0

0.043

Guyana

67.2

0.046


90.9

0.043

Kyrgyz Republic

64.5

0.044


88.8

0.042

Cambodia

65.0

0.045


87.5

0.041

Tajikistan

60.0

0.041


87.0

0.041







Congo, Republic of

57.9

0.040


84.6

0.040

Haiti

60.7

0.042


81.9

0.039

Somalia

44.2

0.030


81.7

0.039

Rwanda

59.5

0.041


80.1

0.038

Burundi

57.2

0.039


77.0

0.036







Turkmenistan

48.0

0.033


75.2

0.035

Togo

54.3

0.037


73.4

0.035

Nepal

52.0

0.036


71.3

0.034

Fiji

51.1

0.035


70.3

0.033

Malawi

50.9

0.035


69.4

0.033







Macedonia, FYR

49.6

0.034


68.9

0.033

Barbados

48.9

0.034


67.5

0.032

Niger

48.3

0.033


65.8

0.031

Estonia

46.5

0.032


65.2

0.031

Mauritania

47.5

0.033


64.4

0.030







Botswana

36.6

0.025


63.0

0.030

Benin

45.3

0.031


61.9

0.029

Burkina Faso

44.2

0.030


60.2

0.028

Chad

41.3

0.028


56.0

0.026

Central African Republic

41.2

0.028


55.7

0.026







Lao P. D. R.

39.1

0.027


52.9

0.025

Mongolia

37.1

0.025


51.1

0.024

Swaziland

36.5

0.025


50.7

0.024

Albania

35.3

0.024


48.7

0.023

Lesotho

23.9

0.016


34.9

0.016







Equatorial Guinea

24.3

0.017


32.6

0.015

Gambia, The

22.9

0.016


31.1

0.015

Belize

13.5

0.009


18.8

0.009

San Marino

10.0

0.007


17.0

0.008

Vanuatu

12.5

0.009


17.0

0.008







Djibouti

11.5

0.008


15.9

0.008

Eritrea

11.5

0.008


15.9

0.008

St. Lucia

11.0

0.008


15.3

0.007

Guinea-Bissau

10.5

0.007


14.2

0.007

Antigua and Barbuda

8.5

0.006


13.5

0.006







Grenada

8.5

0.006


11.7

0.006

Samoa

8.5

0.006


11.6

0.005

Solomon Islands

7.5

0.005


10.4

0.005

Cape Verde

7.0

0.005


9.6

0.005

Comoros

6.5

0.004


8.9

0.004







St. Kitts and Nevis

6.5

0.004


8.9

0.004

Seychelles

6.0

0.004


8.8

0.004

St. Vincent and the Grenadines

6.0

0.004


8.3

0.004

Dominica

6.0

0.004


8.2

0.004

Maldives

5.5

0.004


8.2

0.004







São Tomé and Príncipe

5.5

0.004


7.4

0.003

Tonga

5.0

0.003


6.9

0.003

Bhutan

4.5

0.003


6.3

0.003

Kiribati

4.0

0.003


5.6

0.003

Micronesia, Federated States of

3.5

0.002


5.1

0.002







Marshall Islands

2.5

0.002


3.5

0.002

Palau, Republic of

2.3

0.002


3.1

0.001







Memorandum Item:












Federal Republic of Yugoslavia(Serbia/Montenegro)2

335.4

0.230


467.7

0.221







Total

145,656.5

100.0


212,029.0

100.0









1 A member’s quota in the IMF determines, in particular, its subscription, its voting weight, its access to IMF financing, and its allocation of SDRs. A list of IMF members and their proposed new quotas is attached.
2 Under Executive Board Decision No. 10237-(92/150) adopted December 14, 1992, the Federal Republic of Yugoslavia (Serbia/Montenegro) may succeed to the membership of the former Socialist Federal Republic of Yugoslavia.

IMF EXTERNAL RELATIONS DEPARTMENT

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