Press Release: IMF Executive Board Reviews Progress Toward Implementation of the 2010 Quota and Governance Reform
March 16, 2012Press Release No. 12/87
March 16, 2012
On March 12, 2012, the Executive Board of the International Monetary Fund (IMF) reviewed progress toward implementation of the 2010 Governance and Quota Reform Package, following up on a previous progress review completed on December 12, 2011 (see Press Release No. 11/486). The Directors were informed that the necessary legal thresholds required for effectiveness of the reforms had not yet been reached.
As of March 12, 2012, 89 members having 53.14 percent of Fund quotas1 had consented to their proposed quota increases under the 14th General Review of Quotas. As of the same date, 66 members having 45.36 percent of the total voting power had accepted the proposed amendment to reform the Fund’s 24-member Executive Board.
“I urge remaining countries to complete the necessary legislative steps and other legal measures quickly to implement this important agreement within the agreed timeframe,” IMF Managing Director Christine Lagarde stated.
The IMF Board of Governors approved a quota and governance reform package on December 15, 2010, and agreed 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 and are awaiting members’ domestic legal approval processes 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.
In order for the proposed amendment to reform the Executive Board to enter into force, acceptance by three-fifths of the Fund’s 187 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 entry into force of the proposed amendment to reform the Executive Board, as well as the consent to the quota increase by members having not less than 70 percent of total quotas as of November 5, 2010, is required.
For more information see:
1 As of November 5, 2010