IMF approves quota increase

In a statement from the IMF, it was reported that the board completed the 16th General Review of Quotas on December 15.

The statement noted that the 50 percent increase in member countries' quotas was approved, which will bring total quotas to 960 billion dollars.

The statement indicated that governors representing approximately 93 percent of the Fund's total voting power voted in favor of the 50 percent quota increase proposed by the IMF Executive Board, and that the quota increase will take effect from November 15, 2024, following the acceptance of their own quota changes by member countries.

In the statement, which included her remarks, IMF Managing Director Kristalina Georgieva stated that the quota increase would reduce the Fund's reliance on borrowed resources, restore the primary role of quotas in its lending capacity, and strengthen the IMF's role at the center of the Global Financial Safety Net.

Georgieva emphasized that this would also strengthen the IMF's capacity to help maintain global financial stability and respond to the potential needs of members in an uncertain world prone to shocks.

Quotas form the building blocks of the IMF's financial and governance structure. A member country's quota generally reflects that country's relative position in the world economy. Quotas are denominated in Special Drawing Rights (SDRs), the IMF's unit of account. The IMF reviews quotas at least every 5 years.