## 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/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_062716.pdf) ## Other formats - [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_062716.pdf.md) - [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_062716.pdf.json) --- ### Background and Proposal - Proposes 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 30, 2016. The current deadline is due to expire on June 30, 2016. - 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). - Proposes a further 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 December 30, 2016. ### Rationale, Status, and Implementation Considerations - As of June 24, 2016, 10 members had not yet consented to their proposed quota increases under Resolution No. 66-2. - Two 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 in the General Resources Account. - 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. - The initial 30-day period for payments has been extended four times, most recently through June 30, 2016. - Progress on quota payments: As of June 24, of the 179 members that had consented to their quota increases under the Fourteenth Review, 170 members had paid their quota increases. - Some members have indicated they require additional time to complete internal procedures for payment of quota increases; staff is following up with the authorities in each case to facilitate timely arrangements for payments. - With respect to 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. The Executive Board has previously extended the payment deadline for these countries, most recently in May 2016. Their deadline for payment is currently June 30, 2016. - Synchronizing the extension of the periods for consent to and payment of quota increases would allow streamlining of administrative procedures and adoption of associated decisions. - Staff emphasizes 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 Decisions (textual summary) - Decision 1: Extend the period for notices of consent from members to increases in their quotas to be received in the Fund by 6:00 p.m., Washington time, on December 30, 2016 (pursuant to paragraph 4 of Resolution No. 66-2). - Decision 2: Extend the period of payment of quota increases under the Fourteenth General Review so that each member shall pay to the Fund the increase in its quota by the later of (a) December 30, 2016, or (b) 30 days after the date on which it notifies the Fund of its consent (pursuant to paragraph 5 of Resolution No. 66-2). - Decision 3: Extend the period for payment of quota increases under the 2008 Reform for Eritrea and the Syrian Arab Republic through December 30, 2016 (pursuant to Paragraph 4 of Resolution No. 63-2). ### Key Statistics and Dates - Extension proposed through: December 30, 2016. - Current/expiring deadline (at time of paper): June 30, 2016. - Time for payment after consent or effectiveness conditions: 30 days. - As of June 24, 2016: 10 members had not consented; of 179 consenting members, 170 had paid. - Eritrea and the Syrian Arab Republic: payment deadline currently June 30, 2016 (extension proposed through December 30, 2016). - Time specified for receipt of notices of consent: 6:00 p.m., Washington time, on December 30, 2016. ### Appendix I — Members That Had Not Consented (as of June 24, 2016) - Bolivia - Bosnia and Herzegovina - Cabo Verde - Eritrea - Kyrgyz Republic - Micronesia, Federated States of - Nauru * - Somalia - Sudan - Syrian Arab Republic - Note: Nauru joined the Fund on April 12, 2016, and its membership resolution provides for an initial quota, to be paid within six months after accepting membership in the Fund, as well as an increase under the Fourteenth Review, should Nauru consent to it. *International Monetary Fund. July 2016.* --- _Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_062716.pdf_