Press Release: IMF Executive Board Reviews Progress Toward Implementation of the 2010 Quota and Governance Reform
December 22, 2011Press Release No. 11/486
December 22, 2011
On December 12, 2011, the Executive Board of the International Monetary Fund (IMF) reviewed progress toward implementation of the 2010 Governance and Quota Reform Package.
As of December 12, 2011, 53 members having 35.96 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, 38 members having 30.08 percent of the total voting power had accepted the proposed amendment to reform the Executive Board.
The Managing Director of the IMF called on members to use their best efforts to make the 2010 reform package effective before the 2012 Annual Meetings.
On December 15, 2010, the IMF Board of Governors approved a quota and governance reform package (see Press Release No. 10/477) that includes:
- A proposed amendment to reform the Executive Board that would facilitate a move to a more representative, all-elected Executive Board.
- A doubling of IMF quotas under the 14th General Review of Quotas and a shift in quotas to dynamic emerging markets and under-represented countries.
For the quota increases under the 14th General Review of Quotas to become effective two conditions need to be met: (1) the entry into force of the proposed amendment to reform the Executive Board, which requires acceptance by three-fifths of members having 85 percent of the Fund’s total voting power; and (2) the consent to the quota increase under the 14th General Review of Quotas by members having not less than 70 percent of total quotas as of November 5, 2010.
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