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

## Source details

**Canonical URL:** [EXTENSION OF THE PERIODS FOR CONSENT TO AND PAYMENT OF QUOTA INCREASES](https://www.imf.org/-/media/files/publications/pp/2020/english/ppea2020001.pdf)

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### Proposal overview
- Proposes an additional 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 June 30, 2020.
- Proposes an additional six-month extension of the period for payment of quota increases under the Fourteenth Review, and an extension for the payment of the quota increases under the 2008 Reform, through June 30, 2020.
- The current deadline is due to expire on December 27, 2019.

### Rationale and status as of December 13, 2019
- As of December 13, 2019, five members had not yet consented to their proposed quota increases under Resolution No. 66-2.
- 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.
- Of the 184 members that had consented to their quota increases under the Fourteenth Review, 182 members had paid their quota increases.
- For the Fourteenth Review, under Board of Governors Resolution No. 66-2, each member shall pay to the Fund 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.
- Two members that have consented to their ad hoc quota increases under the 2008 Reform—Eritrea and the Syrian Arab Republic—require additional time to complete the payments for their ad hoc quota increases. Their payment deadline is currently December 27, 2019.

### Staff follow-up and member actions
- Staff continues to follow up on the remaining quota payments; concerned members have indicated that they require additional time to complete internal procedures for the payment of quota increases.
- Emphasis that all members who have not yet consented to their Fourteenth Review quota increases should do so without further delay, and that members who have consented should make their quota payments in a timely manner.

### Proposed Executive Board decisions (text and effect)
- 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, Fourteenth General Review of Quotas and Reform of the Executive Board, 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 June 30, 2020.
- Decision 2: Extension of the Period of Payment of Quota Increase Under the Fourteenth General Review of Quotas
  - Pursuant to paragraph 5 of Board of Governors Resolution No. 66-2, Fourteenth General Review of Quotas and Reform of the Executive Board, 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) June 30, 2020, 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 the Resolution of the Board of Governors No. 63-2, Reform of Quota and Voice in the International Monetary Fund, the Executive Board decides to extend the period for payment of quota increase by Eritrea and the Syrian Arab Republic through June 30, 2020.

### Appendix I — Members that had not consented to quota increases under the Fourteenth Review (as of December 13, 2019)
- Eritrea
- Sudan
- Micronesia, Federated States of
- Syrian Arab Republic
- Somalia

*International Monetary Fund — Staff Report completed December 13, 2019 (approved by the Executive Board on December 20, 2019); policy paper dated January 2020.*

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_Source: https://www.imf.org/-/media/files/publications/pp/2020/english/ppea2020001.pdf_