{
  "title": "Press Release: IMF Board of Governors Adopts Quota and Voice Reforms by Large Margin",
  "publication": "IMF News, April 29, 2008",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0893",
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  "summary": "On April 28, the Board of Governors of the International Monetary Fund (IMF) adopted by a large margin far-reaching reforms of the institution's governance.",
  "publishDate": "2008-04-29",
  "sections": [
    {
      "heading": "Vote outcome and political significance",
      "content": "- On April 28, the Board of Governors of the International Monetary Fund (IMF) adopted by a large margin far-reaching reforms of the institution's governance.\n- Governors from 180 of the 185 member countries cast their votes.\n- 175 countries representing 92.93 percent of the total voting power in the Fund voted in favor of changes to the quota and voting share structure.\n- Approval of the Resolution required 85 percent of the total voting power.\n- Voting turnout and approval metrics cited by IMF leadership:\n  - \"With a voting turnout of 97.8 percent of member countries, and with 94.6 percent of the members approving these reforms, I see this result as the beginning of the new legitimacy of the Fund.\" — Dominique Strauss-Kahn.\n- The Managing Director’s assessment:\n  - \"This vote shows the overwhelming level of support across the Fund's membership for these reforms, and I thank the members for this resounding endorsement.\"\n  - \"This makes the Fund the first international financial institution to implement such deep governance reforms.\""
    },
    {
      "heading": "Main reform elements and expected effects",
      "content": "- Reforms aim to enhance the participation and voice of emerging market and developing countries, and to realign members' shares with their relative weight and role in the global economy.\n- Reallocation and voice changes:\n  - The new quota and voting structure is described as \"more dynamic and forward-looking.\"\n  - The package \"represents an important step toward a redistribution of voting shares toward dynamic emerging market and developing countries\" with an expected continued shift over the next decade.\n- Specific measures included in the reform package:\n  - Increase in the voting shares of more than two-thirds of the 185 member countries.\n  - Tripling of basic votes — \"the first such increase since the Fund's creation in 1944\" — aimed at enhancing the voice and participation of low-income countries.\n  - A mechanism included in the package \"that will keep constant the ratio of basic votes to total voting power in the IMF\" to preserve the tripling element.\n  - Enabling each of the two Executive Directors representing African constituencies to appoint an additional Alternate Director.\n- The Executive Board recommended the reform package on March 28 (see Press Release No. 08/64)."
    },
    {
      "heading": "Implementation steps and legal requirements",
      "content": "- The Resolution proposes an amendment of the Fund's Articles of Agreement.\n- Effectiveness conditions:\n  - The amendment will need to be accepted by at least three-fifths of IMF members representing 85 percent of the total voting power to become effective.\n- Domestic approvals:\n  - Most member countries will need the approval of domestic legislatures to accept the proposed amendment.\n- Quota increases:\n  - The proposed increase in quotas will require further action by those member countries eligible to receive an increase in their quotas."
    },
    {
      "heading": "Institutional context and governance mechanics",
      "content": "- Board of Governors:\n  - The Board of Governors is the highest decision-making body of the IMF and consists of one governor and one alternate governor appointed by each member country.\n  - The governor is usually the minister of finance or the governor of the central bank.\n  - Most powers of the IMF are vested in the Board of Governors; the Board may delegate to the Executive Board all except certain reserved powers.\n  - The Board of Governors normally meets once a year.\n- Executive Board:\n  - The Executive Board functions in continuous session and is responsible for conducting the business of the IMF.\n  - It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman.\n  - The Board usually meets several times each week and carries out its work largely on the basis of papers prepared by IMF management and staff.\n- Quotas and financial resources:\n  - Each member country of the IMF is assigned a quota, based broadly on its relative size in the world economy.\n  - Quota subscriptions generate most of the IMF's financial resources.\n  - A member's quota determines its maximum financial commitment to the IMF and its voting power, and has a bearing on its access to IMF financing.\n  - Total quotas at end-March 2008 were SDR 217.4 billion (about US$354.3 billion).\n\nPress Release: IMF Board of Governors Adopts Quota and Voice Reforms by Large Margin (April 29, 2008).\n\n---\n\n Content in this bundle\n\n- Pr0893apdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pr0893cpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pr0893jpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pr0893rpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Releases\n- PRESS CENTER\n- Press Release No. 08/64\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0893"
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    "Published: April 29, 2008",
    "On April 28, the Board of Governors of the International Monetary Fund (IMF) adopted by a large margin far-reaching reforms of the institution's governance.",
    "Governors from 180 of the 185 member countries cast their votes.",
    "175 countries representing 92.93 percent of the total voting power in the Fund voted in favor of changes to the quota and voting share structure.",
    "Approval of the Resolution required 85 percent of the total voting power.",
    "Voting turnout and approval metrics cited by IMF leadership:",
    "The Managing Director’s assessment:",
    "Reforms aim to enhance the participation and voice of emerging market and developing countries, and to realign members' shares with their relative weight and role in the global economy.",
    "Reallocation and voice changes:",
    "Specific measures included in the reform package:",
    "The Executive Board recommended the reform package on March 28 (see Press Release No. 08/64).",
    "The Resolution proposes an amendment of the Fund's Articles of Agreement.",
    "Effectiveness conditions:",
    "Domestic approvals:",
    "Quota increases:",
    "Board of Governors:",
    "Executive Board:",
    "Quotas and financial resources:",
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    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 08/64](https://www.imf.org/external/np/sec/pr/2008/pr0864.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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