Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Reform of Quota and Voice in the International Monetary Fund

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE III
Quotas and Subscriptions

REFORM OF QUOTA AND VOICE IN THE INTERNATIONAL MONETARY FUND

In accordance with Section 13 of the By-Laws, the following Resolution was submitted to the Governors on March 28, 2008 for a vote without meeting. Considering that the Resolution is also proposing adjustments in the quotas of members that have requested such adjustment and whose names are listed in Attachment I of the Resolution, the adoption of the Resolution requires positive responses from Governors having an eighty-five percent majority of the total voting power:

WHEREAS in response to the request of the Board of Governors set forth in Resolution 61-5, the Executive Board has submitted to the Board of Governors a report entitled “Reform of Quota and Voice in the International Monetary Fund: Report of the Executive Board to the Board of Governors,” hereinafter the “Report”; and

WHEREAS the Executive Board has recommended increases in the quotas of a number of Fund members, all of whom have requested that their quotas be increased; and

WHEREAS in response to the request of the Board of Governors set forth in Resolution 61-5, the Executive Board has proposed an amendment of the Articles of Agreement that (a) would have the effect of increasing the number of basic votes of members and establish a mechanism to ensure that the ratio of the sum of the basic votes of all members to the sum of the total voting power of all members remains constant and (b) would enable each Executive Director elected by a large number of members to appoint a second Alternate Executive Director; and

WHEREAS the Chairman of the Board of Governors has requested the Secretary of the Fund to bring the proposal of the Executive Board before the Board of Governors; and

WHEREAS the Report of the Executive Board setting forth its proposal has been submitted to the Board of Governors by the Secretary of the Fund; and

WHEREAS the Executive Board has requested the Board of Governors to vote on the following Resolution without meeting, pursuant to Section 13 of the By-Laws of the Fund:

NOW THEREFORE, the Board of Governors, noting the recommendation and the said Report of the Executive Board, hereby RESOLVES that:

  • A. Increase in Quotas of Members

    • 1. The International Monetary Fund proposes that, subject to the provisions of this Resolution, the quotas of members of the Fund listed in Attachment I to this Resolution shall be increased to the amounts shown against their names in Attachment I.

    • 2. A member’s increase in quota shall not become effective unless the member in question has consented in writing to the increase and has paid to the Fund the full amount of such increase. Each member shall pay 25 percent of its increase either in special drawing rights or in the currencies of other members specified, with their concurrence, by the Fund, or in any combination of special drawing rights and such currencies. The balance of the increase shall be paid by each member in its own currency.

    • 3. Each member shall consent to the proposed increase of its quota no later than October 31, 2008; provided that the Executive Board may extend this period as it may determine, taking into account, in particular, the need of members to obtain domestic legislative approval.1

    • 4. Each member shall pay to the Fund the increase in its quota within 30 days of the later of (a) the date on which it notifies the Fund of its consent or (b) the date on which the requirement for the effectiveness of the increase in quota under paragraph 5 below has been met; provided that the Executive Board may extend the payment period as it may determine.

    • 5. No increase in quota shall become effective before the entry into force of the proposed amendment of the Articles of Agreement approved by this Resolution.

  • B. Future Quota Reviews

    • To ensure that members’ quota shares continue to reflect their relative positions in the world economy, the Executive Board is requested to recommend further realignments of members’ quota shares in the context of future general quota reviews, beginning with the Fourteenth General Review of Quotas.

  • C. Amendment of the Articles of Agreement

    2

  • D. Members Entitled to Appoint Two Alternate Executive Directors

Attachment I

Proposed Quotas (In millions of SDRs)

Albania 60.0 Austria 2,113.9
Bahrain 176.4 Bhutan 8.5
Botswana 87.8 Brazil 4,250.5
Cape Verde 11.2 Chad 11.2
China 9,525.9 Costa Rica 187.1
Cyprus 158.2 Czech Republic 1,002.2
Denmark 1,891.4 Ecuador 347.8
Equatorial Guinea 52.3 Eritrea 18.3
Estonia 93.9 Germany 14,565.5
Greece 1,101.8 India 5,821.5
Ireland 1,257.6 Israel 1,061.1
Italy 7,882.3 Japan 15,628.5
Kazakhstan 427.8 Korea 3,366.4
Latvia 142.1 Lebanon 266.4
Lithuania 183.9 Luxembourg 418.7
Malaysia 1,773.9 Maldives 10.0
Mexico 3,625.7 Norway 1,883.7
Oman 237.0 Palau, Republic of 3.5
Philippines 1,019.3 Poland 1,688.4
Portugal 1,029.7 Qatar 302.6
San Marino 22.4 Seychelles 10.9
Singapore 1,408.0 Slovak Republic 427.5
Slovenia 275.0 Spain 4,023.4
Syrian Arab Republic 346.8 Thailand 1,440.5
Timor-Leste 10.8 Turkey 1,455.8
Turkmenistan 98.6 United Arab Emirates 752.5
United States 42,122.4 Vietnam 460.7

Attachment II

Proposed Amendment of the Articles of Agreement of the International Monetary Fund to Enhance Voice and Participation in the International Monetary Fund

Resolution 63-2,

effective April 28, 2008

1 Ed. Note: Pursuant to Board of Governors Resolution 66-2, effective December 15, 2010, Decision No. 15706-(14/112), December 16, 2014, extended the deadline to 6:00 p.m., Washington time, on June 30, 2015.

2 Ed. Note: The Sixth Amendment of the Articles of Agreement to Enhance Voice and Participation in the IMF entered into force for all members on March 3, 2011, Decision No. 14860-(11/23). March 3, 2011.

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