IMF国际货币组织全球-Extension-Of-The-Periods-For-Consent-To-And-Payment-Of-Quota-Increase_5页_253kb

IMF Policy Paper Summary: Extension of Periods for Consent to and Payment of Quota Increases

Core Content

This IMF Policy Paper outlines the proposal to extend the deadlines for both consent to and payment of quota increases under the Fourteenth General Review of Quotas (Fourteenth Review) and the 2008 Reform of Quota and Voice. The extension aims to accommodate members who have not yet fulfilled their obligations due to administrative delays or financial constraints.

Main Points

• Extension of Consent Period:
  The current deadline for members to consent to quota increases under the Fourteenth Review is set to expire on June 28, 2019. The paper proposes a six-month extension, ending on December 27, 2019. This extension applies to all members, including those under the 2008 Reform and the Eleventh General Review of Quotas.

• Extension of Payment Period:
  The paper also proposes extending the payment period for quota increases under the Fourteenth Review and the 2008 Reform to December 27, 2019. This extension is intended for members who require additional time to complete internal procedures or face financial challenges.

• Members with Outstanding Consents:
  As of June 13, 2019, five members had not yet consented to their quota increases under the Fourteenth Review. These are:

  • Eritrea
  • Sudan
  • Micronesia, Federated States of
  • Syrian Arab Republic
  • Somalia

• Eligibility for Consent:
  Two of the five members (Somalia and Sudan) are not eligible to consent to their quota increases due to protracted arrears to the Fund's General Resources Account.

• Previous Extensions:
  The initial 30-day payment period for the Fourteenth Review has been extended ten times, with the most recent extension ending on June 28, 2019. Some members have requested more time to complete their quota payments.

• Proposed Decisions:
  The paper proposes three decisions for adoption by the Executive Board:

  1. Extend the consent period for the Fourteenth Review to December 27, 2019.
  2. Extend the payment period for quota increases under the Fourteenth Review to December 27, 2019 for members whose payments would otherwise be due earlier.
  3. Extend the payment period for quota increases under the 2008 Reform for Eritrea and the Syrian Arab Republic to December 27, 2019.

Key Information

• The Fourteenth Review is a significant reform aimed at updating the IMF's quota system to reflect the current economic realities of its member countries.
• The 2008 Reform introduced changes to the quota and voting system, and its payment period is also being extended.
• The Executive Board has the authority to extend the periods for both consent and payment under the relevant resolutions.
• The transparency policy of the IMF allows for the deletion of market-sensitive information and the suppression of premature disclosure of policy intentions in published documents.
• Electronic copies of IMF Policy Papers are publicly accessible at http://www.imf.org/external/pp/ppindex.aspx.

Conclusion

The proposed extensions are intended to ensure that all members can meet their obligations in a timely and orderly manner. They reflect the IMF's commitment to facilitating the implementation of quota reforms while respecting the administrative and financial realities of member countries.