Press Release: IMF Executive Board Reviews Progress Toward Implementation of the 2010 Quota and Governance Reform
September 11, 2012Press Release No. 12/309
September 11, 2012
As of September 10, 2012, 124 members having 73.38 percent of Fund quotas1 had consented to their proposed quota increases under the 14th General Review of Quotas. As of the same date, 105 members having 66.14 percent of the total voting power had accepted the proposed amendment to reform the Fund’s Executive Board.
“I welcome the significant progress thus far toward implementing these important quota and governance reforms, and urge remaining countries to complete the necessary steps quickly,” IMF Managing Director Christine Lagarde said.
The IMF Board of Governors approved a quota and governance reform package on December 15, 2010, and encouraged members to make best efforts to complete the reforms by the governors’ Annual Meetings in October 2012 (see Press Release No. 10/477). Consents to the quota increase and acceptances of the Executive Board reform amendment are recorded online here: http://www.imf.org/external/np/sec/misc/consents.htm.
The reforms that were approved by the Governors include:
- 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, while protecting the quota shares and voting power of the poorest members.
In order for the proposed amendment to reform the Executive Board to enter into force, acceptance by three-fifths of the Fund’s 188 members having 85 percent of the Fund’s total voting power is required. For the quota increases under the 14th General Review of Quotas to become effective, the consent to the quota increase is required by members having not less than 70 percent of total quotas as of November 5, 2010 (this threshold has been reached), as well as the entry into force of the proposed amendment to reform the Executive Board.
For more information see:
1 As of November 5, 2010