Press Release No. 99/4

Press Release: IMF Quota Increase Enters into Effect--Boosts IMF Resources

January 22, 1999

    Today, the International Monetary Fund (IMF) determined that members having more than 85 percent of the total of Fund quotas have consented to increases in their quotas under the Eleventh General Review of Quotas.1 This meets the participation requirement for the quota increase to enter into effect.

    For individual quota increases to become effective, each member that has already consented must pay the increase to the IMF within 30 days from today. Members that consent later than today must pay the increase within 30 days after the date on which the IMF is notified of their consent. At present, members have until January 29, 1999 to consent to their individual increases. The IMF’s Executive Board may extend this period for consent.

    Under the 11th Review, the quotas of the IMF membership as a whole will increase from SDR 145.6 billion (about US$204 billion) to SDR 212.0 billion (about US$297 billion). The IMF’s usable resources are expected to rise by about SDR 45 billion (about US$63 billion).

    A list of members’ current and proposed quotas is attached.

    Attachment


    IMF Members' Quotas






    Current Quotas


    Proposed New Quotas

    Countries ranked by Eleventh Review quota

    Amount (in millions of SDRs)

    Share (in percent)


    Amount (in millions of SDRs)

    Share (in percent)







    United States

    26,526.8

    18.212


    37,149.3

    17.521

    Japan

    8,241.5

    5.658


    13,312.8

    6.279

    Germany

    8,241.5

    5.658


    13,008.2

    6.135

    France

    7,414.6

    5.090


    10,738.5

    5.065

    United Kingdom

    7,414.6

    5.090


    10,738.5

    5.065







    Italy

    4,590.7

    3.152


    7,055.5

    3.328

    Saudi Arabia

    5,130.6

    3.522


    6,985.5

    3.295

    Canada

    4,320.3

    2.966


    6,369.2

    3.004

    Russia

    4,313.1

    2.961


    5,945.4

    2.804

    Netherlands

    3,444.2

    2.365


    5,162.4

    2.435







    China

    3,385.2

    2.324


    4,687.2

    2.211

    Belgium

    3,102.3

    2.130


    4,605.2

    2.172

    India

    3,055.5

    2.098


    4,158.2

    1.961

    Switzerland

    2,470.4

    1.696


    3,458.5

    1.631

    Australia

    2,333.2

    1.602


    3,236.4

    1.526







    Spain

    1,935.4

    1.329


    3,048.9

    1.438

    Brazil

    2,170.8

    1.490


    3,036.1

    1.432

    Venezuela

    1,951.3

    1.340


    2,659.1

    1.255

    Mexico

    1,753.3

    1.204


    2,585.8

    1.220

    Sweden

    1,614.0

    1.108


    2,395.5

    1.130







    Argentina

    1,537.1

    1.055


    2,117.1

    0.999

    Indonesia

    1,497.6

    1.028


    2,079.3

    0.981

    Austria

    1,188.3

    0.816


    1,872.3

    0.883

    South Africa

    1,365.4

    0.937


    1,868.5

    0.882

    Nigeria

    1,281.6

    0.880


    1,753.2

    0.827







    Norway

    1,104.6

    0.758


    1,671.7

    0.789

    Denmark

    1,069.9

    0.735


    1,642.8

    0.775

    Korea

    799.6

    0.549


    1,633.6

    0.771

    Iran, Islamic Republic of

    1,078.5

    0.740


    1,497.2

    0.706

    Malaysia

    832.7

    0.572


    1,486.6

    0.701







    Kuwait

    995.2

    0.683


    1,381.1

    0.652

    Ukraine

    997.3

    0.685


    1,372.0

    0.647

    Poland

    988.5

    0.679


    1,369.0

    0.646

    Finland

    861.8

    0.592


    1,263.8

    0.596

    Algeria

    914.4

    0.628


    1,254.7

    0.592







    Iraq

    504.0

    0.346


    1,188.4

    0.561

    Libya

    817.6

    0.561


    1,123.7

    0.530

    Thailand

    573.9

    0.394


    1,081.9

    0.510

    Hungary

    754.8

    0.518


    1,038.4

    0.490

    Pakistan

    758.2

    0.521


    1,033.7

    0.488







    Romania

    754.1

    0.518


    1,030.2

    0.486

    Turkey

    642.0

    0.441


    964.0

    0.455

    Egypt

    678.4

    0.466


    943.7

    0.445

    Israel

    666.2

    0.457


    928.2

    0.438

    New Zealand

    650.1

    0.446


    894.6

    0.422







    Philippines

    633.4

    0.435


    879.9

    0.415

    Portugal

    557.6

    0.383


    867.4

    0.409

    Singapore

    357.6

    0.246


    862.5

    0.407

    Chile

    621.7

    0.427


    856.1

    0.404

    Ireland

    525.0

    0.360


    838.4

    0.396







    Greece

    587.6

    0.403


    823.0

    0.388

    Czech Republic

    589.6

    0.405


    819.3

    0.387

    Colombia

    561.3

    0.385


    774.0

    0.365

    Bulgaria

    464.9

    0.319


    640.2

    0.302

    Peru

    466.1

    0.320


    638.4

    0.301







    United Arab Emirates

    392.1

    0.269


    611.7

    0.289

    Morocco

    427.7

    0.294


    588.2

    0.278

    Bangladesh

    392.5

    0.269


    533.3

    0.252

    Congo, Democratic Republic of

    291.0

    0.200


    533.0

    0.251

    Zambia

    363.5

    0.250


    489.1

    0.231







    Sri Lanka

    303.6

    0.208


    413.4

    0.195

    Belarus

    280.4

    0.193


    386.4

    0.182

    Ghana

    274.0

    0.188


    369.0

    0.174

    Kazakhstan

    247.5

    0.170


    365.7

    0.173

    Croatia

    261.6

    0.180


    365.1

    0.172







    Slovak Republic

    257.4

    0.177


    357.5

    0.169

    Zimbabwe

    261.3

    0.179


    353.4

    0.167

    Trinidad and Tobago

    246.8

    0.169


    335.6

    0.158

    Vietnam

    241.6

    0.166


    329.1

    0.155

    Côte d'Ivoire

    238.2

    0.164


    325.2

    0.153







    Sudan

    169.7

    0.117


    315.1

    0.149

    Uruguay

    225.3

    0.155


    306.5

    0.145

    Ecuador

    219.2

    0.150


    302.3

    0.143

    Syrian Arab Republic

    209.9

    0.144


    293.6

    0.139

    Tunisia

    206.0

    0.141


    286.5

    0.135







    Angola

    207.3

    0.142


    286.3

    0.135

    Luxembourg

    135.5

    0.093


    279.1

    0.132

    Uzbekistan

    199.5

    0.137


    275.6

    0.130

    Jamaica

    200.9

    0.138


    273.5

    0.129

    Kenya

    199.4

    0.137


    271.4

    0.128







    Qatar

    190.5

    0.131


    263.8

    0.124

    Myanmar

    184.9

    0.127


    258.4

    0.122

    Yemen, Republic of

    176.5

    0.121


    243.5

    0.115

    Slovenia

    150.5

    0.103


    231.7

    0.109

    Dominican Republic

    158.8

    0.109


    218.9

    0.103







    Brunei Darussalam

    150.0

    0.103


    215.2

    0.102

    Guatemala

    153.8

    0.106


    210.2

    0.099

    Panama

    149.6

    0.103


    206.6

    0.097

    Lebanon

    146.0

    0.100


    203.0

    0.096

    Tanzania

    146.9

    0.101


    198.9

    0.094







    Oman

    119.4

    0.082


    194.0

    0.092

    Cameroon

    135.1

    0.093


    185.7

    0.088

    Uganda

    133.9

    0.092


    180.5

    0.085

    Bolivia

    126.2

    0.087


    171.5

    0.081

    El Salvador

    125.6

    0.086


    171.3

    0.081







    Jordan

    121.7

    0.084


    170.5

    0.080

    Bosnia and Herzegovina

    121.2

    0.083


    169.1

    0.080

    Costa Rica

    119.0

    0.082


    164.1

    0.077

    Afghanistan, Islamic State of

    120.4

    0.083


    161.9

    0.076

    Senegal

    118.9

    0.082


    161.8

    0.076







    Azerbaijan

    117.0

    0.080


    160.9

    0.076

    Gabon

    110.3

    0.076


    154.3

    0.073

    Georgia

    111.0

    0.076


    150.3

    0.071

    Lithuania

    103.5

    0.071


    144.2

    0.068

    Cyprus

    100.0

    0.069


    139.6

    0.066







    Namibia

    99.6

    0.068


    136.5

    0.064

    Bahrain

    82.8

    0.057


    135.0

    0.064

    Ethiopia

    98.3

    0.067


    133.7

    0.063

    Papua New Guinea

    95.3

    0.065


    131.6

    0.062

    Bahamas, The

    94.9

    0.065


    130.3

    0.061







    Nicaragua

    96.1

    0.066


    130.0

    0.061

    Honduras

    95.0

    0.065


    129.5

    0.061

    Liberia

    71.3

    0.049


    129.2

    0.061

    Latvia

    91.5

    0.063


    126.8

    0.060

    Moldova

    90.0

    0.062


    123.2

    0.058







    Madagascar

    90.4

    0.062


    122.2

    0.058

    Iceland

    85.3

    0.059


    117.6

    0.055

    Mozambique

    84.0

    0.058


    113.6

    0.054

    Guinea

    78.7

    0.054


    107.1

    0.051

    Sierra Leone

    77.2

    0.053


    103.7

    0.049







    Malta

    67.5

    0.046


    102.0

    0.048

    Mauritius

    73.3

    0.050


    101.6

    0.048

    Paraguay

    72.1

    0.050


    99.9

    0.047

    Mali

    68.9

    0.047


    93.3

    0.044

    Suriname

    67.6

    0.046


    92.1

    0.043







    Armenia

    67.5

    0.046


    92.0

    0.043

    Guyana

    67.2

    0.046


    90.9

    0.043

    Kyrgyz Republic

    64.5

    0.044


    88.8

    0.042

    Cambodia

    65.0

    0.045


    87.5

    0.041

    Tajikistan

    60.0

    0.041


    87.0

    0.041







    Congo, Republic of

    57.9

    0.040


    84.6

    0.040

    Haiti

    60.7

    0.042


    81.9

    0.039

    Somalia

    44.2

    0.030


    81.7

    0.039

    Rwanda

    59.5

    0.041


    80.1

    0.038

    Burundi

    57.2

    0.039


    77.0

    0.036







    Turkmenistan

    48.0

    0.033


    75.2

    0.035

    Togo

    54.3

    0.037


    73.4

    0.035

    Nepal

    52.0

    0.036


    71.3

    0.034

    Fiji

    51.1

    0.035


    70.3

    0.033

    Malawi

    50.9

    0.035


    69.4

    0.033







    Macedonia, FYR

    49.6

    0.034


    68.9

    0.033

    Barbados

    48.9

    0.034


    67.5

    0.032

    Niger

    48.3

    0.033


    65.8

    0.031

    Estonia

    46.5

    0.032


    65.2

    0.031

    Mauritania

    47.5

    0.033


    64.4

    0.030







    Botswana

    36.6

    0.025


    63.0

    0.030

    Benin

    45.3

    0.031


    61.9

    0.029

    Burkina Faso

    44.2

    0.030


    60.2

    0.028

    Chad

    41.3

    0.028


    56.0

    0.026

    Central African Republic

    41.2

    0.028


    55.7

    0.026







    Lao P. D. R.

    39.1

    0.027


    52.9

    0.025

    Mongolia

    37.1

    0.025


    51.1

    0.024

    Swaziland

    36.5

    0.025


    50.7

    0.024

    Albania

    35.3

    0.024


    48.7

    0.023

    Lesotho

    23.9

    0.016


    34.9

    0.016







    Equatorial Guinea

    24.3

    0.017


    32.6

    0.015

    Gambia, The

    22.9

    0.016


    31.1

    0.015

    Belize

    13.5

    0.009


    18.8

    0.009

    San Marino

    10.0

    0.007


    17.0

    0.008

    Vanuatu

    12.5

    0.009


    17.0

    0.008







    Djibouti

    11.5

    0.008


    15.9

    0.008

    Eritrea

    11.5

    0.008


    15.9

    0.008

    St. Lucia

    11.0

    0.008


    15.3

    0.007

    Guinea-Bissau

    10.5

    0.007


    14.2

    0.007

    Antigua and Barbuda

    8.5

    0.006


    13.5

    0.006







    Grenada

    8.5

    0.006


    11.7

    0.006

    Samoa

    8.5

    0.006


    11.6

    0.005

    Solomon Islands

    7.5

    0.005


    10.4

    0.005

    Cape Verde

    7.0

    0.005


    9.6

    0.005

    Comoros

    6.5

    0.004


    8.9

    0.004







    St. Kitts and Nevis

    6.5

    0.004


    8.9

    0.004

    Seychelles

    6.0

    0.004


    8.8

    0.004

    St. Vincent and the Grenadines

    6.0

    0.004


    8.3

    0.004

    Dominica

    6.0

    0.004


    8.2

    0.004

    Maldives

    5.5

    0.004


    8.2

    0.004







    São Tomé and Príncipe

    5.5

    0.004


    7.4

    0.003

    Tonga

    5.0

    0.003


    6.9

    0.003

    Bhutan

    4.5

    0.003


    6.3

    0.003

    Kiribati

    4.0

    0.003


    5.6

    0.003

    Micronesia, Federated States of

    3.5

    0.002


    5.1

    0.002







    Marshall Islands

    2.5

    0.002


    3.5

    0.002

    Palau, Republic of

    2.3

    0.002


    3.1

    0.001







    Memorandum Item:












    Federal Republic of Yugoslavia(Serbia/Montenegro)2

    335.4

    0.230


    467.7

    0.221







    Total

    145,656.5

    100.0


    212,029.0

    100.0









    1 A member’s quota in the IMF determines, in particular, its subscription, its voting weight, its access to IMF financing, and its allocation of SDRs. A list of IMF members and their proposed new quotas is attached.
    2 Under Executive Board Decision No. 10237-(92/150) adopted December 14, 1992, the Federal Republic of Yugoslavia (Serbia/Montenegro) may succeed to the membership of the former Socialist Federal Republic of Yugoslavia.

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