{
  "title": "16th General Review of Quotas - FAQs",
  "sourceUrl": "https://www.imf.org/en/about/faq/quotas",
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  "summary": "For additional background and basic facts about IMF Quotas please refer to this factsheet.",
  "publishDate": "2023-12-18",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication: Questions and Answers on the 16th General Review of Quotas.\n- Date: December 18, 2023.\n- These Q&As address the 16th General Quota Review and refer to an IMF Quotas Factsheet for additional background and basic facts about IMF Quotas."
    },
    {
      "heading": "IMF resources: permanent and temporary",
      "content": "- Permanent resources:\n  - Derived from members’ quota subscriptions and constitute the primary source of IMF funding.\n  - Quotas:\n    - determine the maximum amount of financial resources a member is obliged to provide to the IMF,\n    - are a key determinant of voting power in IMF decisions,\n    - determine the maximum amount of loans a member can borrow from the IMF under normal access, and\n    - determine a member’s share in a general allocation of SDRs.\n- Temporary resources:\n  - The IMF may supplement quota resources through borrowing if needed.\n  - New Arrangements to Borrow (NAB):\n    - Are between the IMF and a group of members and institutions (participants).\n    - Constitute the second line of defense after quota resources.\n    - Currently (as of December 15,2023), 40 NAB participants contribute an aggregate amount of SDR 364 billion (USD 489 billion) to the Fund’s total resource envelope.\n  - Bilateral borrowing agreements (BBAs):\n    - Are between the IMF and individual member countries.\n    - Constitute the third line of defense after quota resources.\n    - Currently, bilateral borrowing agreements with 42 creditors are in place for a total of SDR 141 billion (USD 189 billion)."
    },
    {
      "heading": "Effectiveness conditions and timing for quota increases",
      "content": "- General effectiveness conditions in the resolution for the 16th General Review of Quotas:\n  - Condition 1:\n    - No quota increase can become effective unless members currently having not less than 85 percent of total quotas have consented in writing to the increases in their quotas.\n    - The resolution sets the deadline for the Fund to receive members’ consents as November 15, 2024.\n    - The Executive Board may extend this deadline as it may determine.\n  - Condition 2:\n    - No quota increase can become effective unless participants in the New Arrangements to Borrow (NAB) have provided consents necessary for the effectiveness of the NAB rollback.\n- Timing of member-specific effectiveness:\n  - Once the above general conditions are met, a member’s quota increase will be in effect after that member has provided its consent to, and paid for, its quota increase.\n- Payments:\n  - Payments of quota increases are due within 35 days after the later of:\n    - (i) the date on which the member notifies the Fund of its consent; or\n    - (ii) the date on which the general effectiveness conditions are met.\n- Consent deadline:\n  - The resolution sets the deadline for the Fund to receive members’ consents as November 15, 2024. The Executive Board may extend this deadline as it may determine."
    },
    {
      "heading": "NAB rollback: rationale and timeline",
      "content": "- Rationale:\n  - The Board of Governors’ resolution envisages maintaining the Fund’s lending capacity.\n  - To achieve this, the increase in permanent or quota resources will be offset by a commensurate decrease in temporary or borrowed resources through a NAB rollback and the phasing out of Bilateral Borrowing Agreements.\n- Timeline and process:\n  - Staff will consult with NAB participants on the rollback soon and expects that a proposal could be considered by the Executive Board in early 2024.\n  - This proposal would then be submitted to NAB participants for their consent."
    },
    {
      "heading": "Access limits and related reviews",
      "content": "- GRA access limits:\n  - A comprehensive review of access is planned for 2024 to assess the GRA access limits in the context of the 16th General Review of Quotas.\n  - It is envisaged that, in line with past practice, any proposed changes to the access limits would be proposed to become effective at the same time as the new quotas take effect.\n- PRGT access limits:\n  - PRGT access limits were temporarily increased in December 2023.\n  - PRGT access limits will be reviewed in the context of the forthcoming Review of the Fund’s Concessional Facilities and Financing expected to be completed in the Fall of 2024."
    }
  ],
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    "Publication: Questions and Answers on the 16th General Review of Quotas.",
    "Date: December 18, 2023.",
    "These Q&As address the 16th General Quota Review and refer to an IMF Quotas Factsheet for additional background and basic facts about IMF Quotas.",
    "Permanent resources:",
    "Temporary resources:",
    "General effectiveness conditions in the resolution for the 16th General Review of Quotas:",
    "Timing of member-specific effectiveness:",
    "Payments:",
    "Consent deadline:",
    "Rationale:",
    "Timeline and process:",
    "GRA access limits:",
    "PRGT access limits:",
    "**2020 Bilateral Borrowing Agreements Amounts by Creditor**",
    "**New Arrangements to Borrow: Amounts by Creditor**"
  ],
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      "title": "New Arrangements to Borrow: Amounts by Creditor",
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