## 16th General Review of Quotas - FAQs

## Source details

**Canonical URL:** [16th General Review of Quotas - FAQs](https://www.imf.org/en/about/faq/quotas)

## Other formats

- [Markdown version](/en/about/faq/quotas/index.md)
- [Structured JSON version](/en/about/faq/quotas/index.json)
- [Bundle manifest](/en/about/faq/quotas/bundle-manifest.json)

## Bibliographic details
- Published: December 18, 2023

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### Overview
- 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.

### IMF resources: permanent and temporary
- Permanent resources:
  - Derived from members’ quota subscriptions and constitute the primary source of IMF funding.
  - Quotas:
    - determine the maximum amount of financial resources a member is obliged to provide to the IMF,
    - are a key determinant of voting power in IMF decisions,
    - determine the maximum amount of loans a member can borrow from the IMF under normal access, and
    - determine a member’s share in a general allocation of SDRs.
- Temporary resources:
  - The IMF may supplement quota resources through borrowing if needed.
  - New Arrangements to Borrow (NAB):
    - Are between the IMF and a group of members and institutions (participants).
    - Constitute the second line of defense after quota resources.
    - 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.
  - Bilateral borrowing agreements (BBAs):
    - Are between the IMF and individual member countries.
    - Constitute the third line of defense after quota resources.
    - Currently, bilateral borrowing agreements with 42 creditors are in place for a total of SDR 141 billion (USD 189 billion).

### Effectiveness conditions and timing for quota increases
- General effectiveness conditions in the resolution for the 16th General Review of Quotas:
  - Condition 1:
    - 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.
    - 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.
  - Condition 2:
    - 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.
- Timing of member-specific effectiveness:
  - 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.
- Payments:
  - Payments of quota increases are due within 35 days after the later of:
    - (i) the date on which the member notifies the Fund of its consent; or
    - (ii) the date on which the general effectiveness conditions are met.
- Consent deadline:
  - 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.

### NAB rollback: rationale and timeline
- Rationale:
  - The Board of Governors’ resolution envisages maintaining the Fund’s lending capacity.
  - 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.
- Timeline and process:
  - 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.
  - This proposal would then be submitted to NAB participants for their consent.

### Access limits and related reviews
- GRA access limits:
  - 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.
  - 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.
- PRGT access limits:
  - PRGT access limits were temporarily increased in December 2023.
  - 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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## Content in this bundle

- **2020 Bilateral Borrowing Agreements Amounts by Creditor**
  - [2020 Bilateral Borrowing Agreements Amounts by Creditor (Markdown version)](/-/media/files/about/faq/2020-bilateral-borrowing-agreements-amounts-by-creditor.pdf.md){rel="alternate" type="text/markdown"}
  - [2020 Bilateral Borrowing Agreements Amounts by Creditor (PDF)](/-/media/files/about/faq/2020-bilateral-borrowing-agreements-amounts-by-creditor.pdf){rel="external" type="application/pdf"}
- **New Arrangements to Borrow: Amounts by Creditor**
  - [New Arrangements to Borrow: Amounts by Creditor (Markdown version)](/-/media/files/about/faq/fin-nab-amounts-by-creditor.pdf.md){rel="alternate" type="text/markdown"}
  - [New Arrangements to Borrow: Amounts by Creditor (PDF)](/-/media/files/about/faq/fin-nab-amounts-by-creditor.pdf){rel="external" type="application/pdf"}

---

## References

- [IMF Quotas Factsheet](https://www.imf.org/en/About/Factsheets/Sheets/2022/IMF-Quotas)

_Source: https://www.imf.org/en/about/faq/quotas_