## IMF Survey : Historic Reforms Double Quota Resources and Enhance Voice of Emerging and Developing Economies

_IMF News, January 27, 2016_

## Source details

**Canonical URL:** [IMF Survey : Historic Reforms Double Quota Resources and Enhance Voice of Emerging and Developing Economies](https://www.imf.org/en/news/articles/2015/09/28/04/53/sopol012716b)

## Other formats

- [Markdown version](/en/news/articles/2015/09/28/04/53/sopol012716b/index.md)
- [Structured JSON version](/en/news/articles/2015/09/28/04/53/sopol012716b/index.json)
- [Bundle manifest](/en/news/articles/2015/09/28/04/53/sopol012716b/bundle-manifest.json)

## Bibliographic details
- Published: January 27, 2016

---

### Overview and significance
- The 2010 IMF quota and governance reforms entered into force and will "reinforce the credibility, effectiveness, and legitimacy of the IMF."
- Reforms strengthen the voice and representation of emerging and developing economies, and provide more permanent resources to better respond to future crises.
- The ratification clears the way for the Fund to begin the 15th review of its quotas.

### Key quantitative outcomes
- IMF membership covered: 188 members.
- Combined quotas will increase to SDR 477 billion (about US$659 billion) from about SDR 238.5 billion (about US$329 billion).
- More than 6 percent of quota shares will shift to dynamic emerging market and developing countries and also from over-represented to under-represented IMF members.
- IMF Executive Board composition: will be a 24-member Executive Board consisting entirely of elected Executive Directors.
- Advanced European countries have committed to reduce their combined Board representation by two chairs by the next regular election of Executive Directors that will take place this fall.

### Governance and voice changes
- For the first time, four emerging market countries—Brazil, China, India, and Russia—will be among the 10 largest members of the IMF.
- Other top 10 members include the United States, Japan, and the four largest European countries (France, Germany, Italy, and the United Kingdom).
- The reform ends the category of appointed Executive Directors (previously the members with the five largest quotas appointed an Executive Director).
- The quota shares and voting power of the IMF’s poorest member countries will be protected.

### Institutional effects and next steps
- The package will enhance the IMF’s ability to respond to crises more effectively through significantly increased quota resources.
- The 15th review will provide an opportunity to discuss the size and composition of IMF resources and the distribution of quota shares among the Fund’s membership.
- The reforms build on steps in 2008 and follow extensive consultations with member governments and outside stakeholders to reflect changing global economic realities.

### Leadership statement
- IMF Managing Director Christine Lagarde: "I commend our members for ratifying these truly historic reforms." She emphasized a "more representative, modern IMF" better able to meet members' needs and noted that "it is not the end of change as our efforts to strengthen the IMF’s governance will continue."

*IMF Survey, January 27, 2016*

---

## Content in this bundle

- [Pol012716bapdf (PDF)](/-/media/websites/imf/imported/external/arabic/pubs/ft/survey/so/2016/pol012716bapdf.pdf){rel="external" type="application/pdf"}

---

## References

- [https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Policy](https://www.imf.org/en/news/search)
- [Read the press release](http://www.imf.org/external/np/sec/pr/2016/pr1625a.htm)
- [Watch the video](http://www.imf.org/external/mmedia/view.aspx?vid=4724940772001)
- [U.S. congressional approval](http://www.imf.org/external/np/sec/pr/2015/pr15573.htm)
- [2010 quota reform in a nutshell](http://www.imf.org/external/pubs/ft/survey/so/2010/new110510b.htm)
- [Factsheet: IMF Quotas](http://www.imf.org/external/np/exr/facts/quotas.htm)
- [Factsheet: How the IMF Makes Decisions](http://www.imf.org/external/np/exr/facts/govern.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2015/09/28/04/53/sopol012716b_