2016年-IMF国际货币组织全球_Fifteenth_General_Review_of_Quotas_6页_288kb

Fifteenth General Review of Quotas Summary

Core Content

The Fifteenth General Review of Quotas (Fifteenth Review) is a significant process aimed at updating the International Monetary Fund's (IMF) quota system to reflect the evolving economic positions of its member countries. The review involves revising the size and distribution of quotas, as well as introducing a new quota formula that ensures fairness and adequacy for the IMF's role in the global financial safety net.

Main Points

• Resolution No. 71-2 (2016): The Board of Governors adopted this resolution in February 2016, which welcomed the entry into force of the Seventh Amendment on the Reform of the Executive Board. It also emphasized the need to complete the Fifteenth Review by the 2017 Annual Meetings, with progress reports due by the 2016 Annual Meetings and 2017 Spring Meetings.

• Progress Report (October 2016): The Executive Board submitted a progress report in October 2016, acknowledging the significant divergences of views among members on key issues. The report highlighted the need for further reflection and a revised timetable to ensure progress.

• Key Themes from Discussions:

  • Governance reform remains crucial for the Fund's legitimacy, especially given the changes in members' economic positions since the 2010 Reform.
  • The original timetable is no longer feasible due to time constraints and lack of consensus.
  • A new timetable must be ambitious yet realistic, ensuring sufficient time for member engagement and consensus-building.
  • Broad consensus on the quota size, distribution, and new formula should be achieved as a package.
  • The voice of the poorest members must be protected in any reform.

Key Elements of the Work Plan

• October 2016–Second Quarter of 2017: An expedited work program on the Fund's lending role will be conducted. This includes discussions on the Adequacy of the Global Financial Safety Net and the Fund's relationship with Regional Financing Arrangements (RFAs). The goal is to inform future discussions on quota size and distribution.

• Second Half of 2017–Early 2018: The focus will shift to quota size, formula, and distribution. The Executive Board will consider papers on the size of the Fund, the mix of quota and borrowed resources, and the quota data update through 2015. Seminars and briefings will be used to facilitate consensus.

• Second Quarter of 2018: The IMFC will provide guidance on key elements of the Fifteenth Review, which will help the Executive Board narrow differences and move toward consensus.

• Third Quarter of 2018–Spring Meetings 2019 (or Annual Meetings 2019): Based on the IMFC guidance, the Executive Board will aim to reach consensus on the new quota formula and the appropriate size of quotas, with the goal of finalizing the review by the 2019 Spring Meetings.

Resolution by the Board of Governors

On November 4, 2016, the Board of Governors adopted a resolution that:

• Takes note of the Executive Board's report on the Fifteenth Review.
• Expresses regret that the original timetable (set by Resolution No. 71-2) is no longer achievable.
• Calls on the Executive Board to work expeditiously on the review, in line with existing understandings and IMFC guidance, with the goal of completing it by the 2019 Spring Meetings.
• Requests semi-annual progress reports from the Executive Board, with the first report due at the 2017 Annual Meetings.
• Urges remaining members who have not yet consented to their Fourteenth Review quota increases to do so without delay, and those who have consented to make their quota payments promptly.

Conclusion

The Fifteenth Review represents a critical step in modernizing the IMF's governance structure and ensuring it remains effective and representative in the global financial system. The revised timetable, aligned with IMFC guidance, aims to achieve tangible outcomes while protecting the interests of the poorest members and ensuring adequate resources for the Fund's operations. The process is structured to include phased discussions, member engagement, and progress reporting to facilitate consensus and timely completion.