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

Core Content

This IMF Policy Paper, dated December 13, 2019, proposes the extension of the periods for 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 paper outlines the rationale for these extensions and provides a summary of the current status of member consents and payments.

Main Points

1. Proposed Extensions

• Extension of the Consent Period: The paper proposes an additional six-month extension of the deadline for members to consent to quota increases under the Fourteenth Review. This would push the deadline to June 30, 2020, from the original December 27, 2019.

• Extension of the Payment Period: It also proposes extending the payment period for quota increases under the Fourteenth Review and the 2008 Reform to June 30, 2020. This extension would apply to members who have not yet completed their quota payments.

2. Legal Basis

• The proposed extensions are based on Board of Governors Resolution No. 66-2, which allows the Executive Board to extend the consent period for quota increases as it may determine.

• The payment period for quota increases under the Fourteenth Review is governed by the same resolution, and the Executive Board may extend it as needed.

3. Current Status of Consents and Payments

• As of December 13, 2019, five members had not yet consented to their quota increases under the Fourteenth Review: Eritrea, Sudan, Micronesia, Federated States of, Syrian Arab Republic, and Somalia.

• Somalia and Sudan are not eligible to consent to their quota increases due to protracted arrears in the Fund's General Resources Account.

• Eritrea and the Syrian Arab Republic, which had consented to their quota increases under the 2008 Reform, still require additional time to complete their quota payments.

4. Rationale for Extensions

• The Executive Board acknowledges that some members need more time to finalize internal procedures for both consent and payment.

• While it emphasizes the importance of timely action, it concludes that a further six-month extension would be appropriate to accommodate the needs of these members.

Key Information

• The Staff Report was completed on December 13, 2019 and approved by the Executive Board on December 20, 2019.

• The paper is part of a series of IMF Policy Papers available to the public on the IMF website.

• The transparency policy of the IMF allows for the deletion of market-sensitive information and the prevention of premature disclosure of policy intentions in published reports.

Proposed Decisions

The following decisions are proposed for adoption by the Executive Board:

Decision 1: Extension of the Period for Consent to Increase Quotas Under the Fourteenth General Review of Quotas

• The Executive Board decides that notices of consent from members must be received by the Fund by 6:00 p.m., Washington D.C. time, on June 30, 2020.

Decision 2: Extension of the Period of Payment of Quota Increase Under the Fourteenth General Review of Quotas

• The Executive Board decides that each member shall pay the increase in its quota under the Fourteenth Review by the later of (a) June 30, 2020, or (b) 30 days after the date of consent notification.

Decision 3: Extension of the Period of Payment of Quota Increase Under the 2008 Reform

• The Executive Board decides to extend the payment period for Eritrea and the Syrian Arab Republic through June 30, 2020.

Appendix I

• Members who have not yet consented to their quota increases under the Fourteenth Review as of December 13, 2019:

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

• Somalia and Sudan are not eligible to consent due to arrears.

• Eritrea and the Syrian Arab Republic have consented to their quota increases under the 2008 Reform but require additional time for payment.