## EXTENSION OF THE PERIODS FOR CONSENT TO AND PAYMENT OF QUOTA INCREASES

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**Canonical URL:** [EXTENSION OF THE PERIODS FOR CONSENT TO AND PAYMENT OF QUOTA INCREASES](https://www.imf.org/-/media/files/publications/pp/2019/ppea2019029.pdf)

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### Overview and approval
- Paper proposing a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas (“Fourteenth Review”) through December 27, 2019.
- The proposed decision in the paper was approved by the Executive Board on June 25, 2019.
- Prepared by the Finance Department (in consultation with the Legal and Secretary's Departments); approved by Andrew Tweedie.

### Background and current timing
- The current deadline is due to expire on June 28, 2019.
- Board of Governors Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine; an extension under Resolution No. 66-2 will also extend the periods of consent for quota increases under the 2008 Reform of Quota and Voice (Resolution No. 63-2) and the Eleventh General Review of Quotas (Resolution No. 53-2).
- For the Fourteenth Review, under Resolution No. 66-2, each member shall pay the increase in its quota within 30 days after the later of (a) the date on which it notifies the Fund of its consent, or (b) the date on which all of the general effectiveness conditions for the quota increases under the Fourteenth Review are met, provided that the Executive Board may extend the payment period as it may determine.
- The initial 30-day period for payments has been extended ten times, most recently through June 28, 2019.
- Staff follow-up: As of June 13, 2019, of the 184 members that had consented to their quota increases under the Fourteenth Review, 181 members had paid their quota increases.

### Status of outstanding consents and payments (as of June 13, 2019)
- Five members had not yet consented to their proposed quota increases under Resolution No. 66-2:
  - Eritrea
  - Sudan
  - Micronesia, Federated States of
  - Syrian Arab Republic
  - Somalia
- Two of those members (Somalia and Sudan) are currently not eligible to consent to their quota increases under the Eleventh and Fourteenth General Reviews due to protracted arrears to the Fund’s General Resources Account.
- With respect to the 2008 Reform, among members that have consented to their ad hoc quota increases under the 2008 Reform, two members—Eritrea and the Syrian Arab Republic—require additional time to complete the payments for their ad hoc quota increases. Their deadline for payment is currently June 28, 2019.

### Rationale for extension
- Some members have indicated they require additional time to complete internal procedures for the payment of quota increases.
- While members who have not yet consented should do so without further delay and members who have consented should make payments in a timely manner, staff consider a further six-month extension in the periods for consent to and payment of quota increases appropriate.

### Proposed Executive Board decisions (each may be adopted by a majority of the votes cast)
- Decision 1: Extension of the Period for Consent to Increase Quotas Under the Fourteenth General Review of Quotas
  - Pursuant to paragraph 4 of Resolution No. 66-2, the Executive Board decides that notices of consent from members to increases in their quotas must be received in the Fund by 6:00 p.m., Washington D.C. time, on December 27, 2019.
- Decision 2: Extension of the Period of Payment of Quota Increase Under the Fourteenth General Review of Quotas
  - Pursuant to paragraph 5 of Resolution No. 66-2, the Executive Board decides that each member shall pay to the Fund the increase in its quota under the Fourteenth General Review by the later of (a) December 27, 2019, or (b) 30 days after the date on which it notifies the Fund of its consent.
- Decision 3: Extension of the Period of Payment of Quota Increase Under the 2008 Reform
  - Pursuant to Paragraph 4 of Resolution No. 63-2, the Executive Board decides to extend the period for payment of quota increase by Eritrea and the Syrian Arab Republic through December 27, 2019.

*International Monetary Fund. EXTENSION OF THE PERIODS FOR CONSENT TO AND PAYMENT OF QUOTA INCREASES (policy paper, June 18, 2019).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2019/ppea2019029.pdf_