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Press Release: IMF Board Submits Resolution to Governors for 45 Percent Quota Increase
December 23, 1997
The Executive Board of the International Monetary Fund has submitted a Report and Draft Resolution to the Board of Governors proposing an increase of 45 percent in IMF quotas to approximately SDR 212 billion (about US$287 billion) from SDR 146 billion (about US$197 billion). The Governors are asked to vote on the proposed Resolution, without meeting, by January 30, 1998. The adoption of the Resolution requires a majority of 85 percent of the total voting power of the IMF’s membership.
The quotas proposed for each member were arrived at in the following manner: 75 percent of the overall increase will be distributed among all members in proportion to their existing quotas; 15 percent of the overall increase will be distributed in proportion to members shares in calculated quotas (based on 1994 data), so as to better reflect the relative economic positions of members; and the remaining 10 percent of the overall increase will be distributed among those members whose present quotas are out of line with their positions in the world economy (as measured by the excess of their share in calculated quotas over their share in actual quotas), of which 1 percent of the overall increase will be distributed among five members whose current quotas are far out of line with their relative economic positions, and which are in a position to contribute to the IMF’s liquidity over the medium term.
Twenty-five percent of the increase in each member’s quota will be paid in SDRs, or in currencies of other members specified, with their concurrence, by the IMF. See table below.
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