## 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/2021/english/ppea2021046.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/pp/2021/english/ppea2021046.pdf.md)
- [Structured JSON version](/-/media/files/publications/pp/2021/english/ppea2021046.pdf.json)

---

### Overview and proposal
- Proposes a further extension, for one year, of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas (Board of Governors’ Resolution No. 66-2) through June 30, 2022.
- Proposes an additional extension by one year of the periods for payment of quota increases under the Fourteenth Review and for payment under the 2008 Reform of Quota and Voice (Board of Governors’ Resolution No. 63-2) through June 30, 2022.
- Rationale: extension in the wake of the still ongoing COVID-19 pandemic and consistent with broader streamlining efforts.

### Status of consents and payments (as of June 10, 2021)
- Eritrea and the Syrian Arab Republic had not yet consented to their proposed quota increases under Resolution No. 66-2.
- Sudan is currently not eligible to consent to its quota increase under the Eleventh and Fourteenth General Reviews due to protracted arrears to the Fund’s General Resources Account.
- Micronesia consented to and paid for its quota increase under the Fourteenth General Review of Quotas on November 25, 2020.
- Of the 186 members that had consented to their quota increases under the Fourteenth Review, 184 members had paid their quota increases as of June 10, 2021.
- Two members—Marshall Islands and Palau—had consented to their Fourteenth Review quota increases but had not yet made their payments under Resolution No. 66-2.
- For the 2008 Reform, among members that have consented to their ad hoc quota increases, two members—Eritrea and the Syrian Arab Republic—require additional time to complete the payments for their ad hoc quota increases.

### Legal framework, deadlines, and prior extensions
- 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 period of consent for quota increases under the Eleventh General Review (Resolution No. 53-2).
- For the Fourteenth Review, 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.
- The Executive Board has previously extended the payment period several times, most recently through June 30, 2021.
- The Executive Board has previously extended the payment deadline for Eritrea and the Syrian Arab Republic under the 2008 Reform, most recently to June 30, 2021.

### Proposed extensions and operative details
- Proposed extension of the period for consent under Resolution No. 66-2 to end at 6:00 p.m., Washington D.C. time, on June 30, 2022.
- Proposed extension that the Executive Board extend the period for payment of quota increases under the Fourteenth General Review of Quotas through June 30, 2022 for those members whose quota payments would otherwise be due earlier.
- Proposed extension that the Executive Board extend the period for payment of the quota increases under the 2008 Reform for Eritrea and the Syrian Arab Republic through June 30, 2022.
- Staff continues to follow up on the remaining quota payments.

### Proposed Decisions (to 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 the Board of Governors 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 June 30, 2022.
- 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 the Governors 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) June 30, 2022, 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 Board of Governors 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 June 30, 2022.

*International Monetary Fund. July 2021.*

---


_Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021046.pdf_