2010年-IMF国际货币组织全球_IMF_Quota_and_Governance_Reform_62页_819kb

Summary of IMF Quota and Governance Reform—Elements of an Agreement

Core Content

The document outlines the IMF Quota and Governance Reform aimed at enhancing the Fund's legitimacy and effectiveness as an impartial guardian of global economic stability. The reforms are based on a broad consensus among members and are designed to reflect the growing economic weight of emerging market and developing countries (EMDCs) while ensuring fairness and predictability in the governance structure.

Main Points

Quota Reforms

• Quota Increase: The proposal includes a doubling of quotas, with a corresponding roll-back of the New Arrangements to Borrow (NAB) to preserve relative shares.
• Shift in Shares:
  • A minimum 6% shift from over-represented to under-represented members.
  • A minimum 6% shift to dynamic EMDCs.
• Protection of the Poorest Members:
  • Ad hoc increases to protect the voting power of PRGT-eligible members below the IDA income threshold.
  • The quota formula will be reviewed by January 2013.
• Quota Increase Allocation:
  • 60% selective increase based on the current formula.
  • 40% ad hoc increase to under-represented members.
  • A floor to limit the maximum decline in any individual member's quota share to 30%, with an additional 0.85 percentage point cap to reduce adjustment burden.
• Voluntary Foregoing:
  • Advanced countries (including G-20 members) are to voluntarily forego 1.35% (1.37% for G-20 advanced countries) of their quota shares.
  • A voluntary redistribution of 5 basis points from the 4 largest EU members to Spain.
• Next Review: The 15th General Quota Review is to be completed by January 2014.

Governance Reforms

• Executive Board Size: The size of the Executive Board will be maintained at 24.
• Composition Review: The composition will be reviewed every 8 years after the quota reforms are effective.
• Reduction in Advanced European Representation:
  • Two fewer Executive Directors from advanced European countries.
  • This is measured by the pro-rated occupancy of the chair.
• Second Alternate Executive Director (AED):
  • A second AED may be appointed for constituencies with 7 or more members.
  • The threshold for this is lowered from 19 to 7 members.
  • The large sub-Saharan African constituencies will be exempt from this change.
• All-Elected Board:
  • The proposal is to eliminate the category of appointed Executive Directors.
  • The Articles of Agreement will be amended to reflect this.
  • The Board of Governors will need to adopt regulations for the elections.

Key Information

• The reforms are designed to increase EMDC representation in both quota and voting shares.
• The 14th General Quota Review is to be completed by January 2014, with the quota increase and shift in shares entering into force by 2012.
• A major realignment in the ranking of quota shares is expected, with the 10 largest shareholders including the US, Japan, China, Germany, France, the UK, Italy, India, Russia, and Brazil.
• 61 members would receive an increase in quota share, of which 53 are EMDCs.
• 13 EMDCs would see nominal quota increases over 150%.
• The aggregate voting share of EMDCs would increase by 5.3% when combined with the 2008 quota and voice reform.
• The proposed resolution requires a majority vote by the Board of Governors and must be adopted before December 15, 2010.

Phasing and Interlinkages

• The quota and governance reforms are to be included in a single Board of Governors resolution.
• The resolution will require an 85% majority.
• The implementation of quota reforms is interlinked with the NAB adjustment and the entry into force of the 2008 amendment.
• The all-elected Executive Board will enter into force when three-fifths of members with 85% of voting power have accepted the amendment.

Proposed Decision

• The Executive Board is to adopt the report on the 14th General Quota Review and recommend its adoption by the Board of Governors.
• The Secretary is authorized to send the proposal to members for a vote.
• The resolution will be voted on without a meeting by the Board of Governors.
• The effective date of the resolution is December 15, 2010, the last day for voting.

Tables Summary

• Table 1 illustrates the proposed quota and voting shares for different groups, showing a shift toward EMDCs.
• Table 2 provides the quota shares of the 20 largest members, highlighting the realignment of shares.
• Table 3 outlines the largest increases and decreases in quota shares, showing the impact of the reform on specific countries.

Conclusion

The reform package seeks to modernize the IMF by aligning its structure with global economic realities, ensuring fair representation, and enhancing legitimacy. It emphasizes consensus-building, compromise, and predictability in the governance and quota realignment processes.