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IMF Membership Endorses Package on IMF Resources and Governance Reform

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Via IMF (Den Internationale Valutafond)

IMF Membership Endorses Package on IMF Resources and Governance Reform







October 18, 2019















The IMF membership today endorsed a package of actions on IMF resources and
governance reform. The package ensures that the IMF will continue to have
sufficient resources to provide full confidence that it can adequately
support its membership, and that quota and governance reforms will continue
under the 16th General Review of Quotas.

“This endorsement by the International Monetary and Financial Committee
(IMFC) highlights our support for the IMF to preserve its role at the
center of the global financial safety net,” said Lesetja Kganyago, Chairman
of the IMFC and Governor of the Reserve Bank of South Africa. “The IMFC
will continue to work to ensure that the IMF has sufficient resources and
that its governance appropriately reflects developments in the global
economy and its membership.”

“I welcome this high-level endorsement, which demonstrates the strong
support of our membership for the Fund’s mission,” IMF Managing Director
Kristalina Georgieva said. “We will continue to work closely with our
membership in the period ahead to ensure full implementation of this
package.”

At the conclusion of a special session this morning, the IMFC issued the
following statement:

We reaffirm our commitment to a strong, quota-based, and adequately
resourced IMF to preserve its role at the center of the global financial safety net. We note
the lack of progress on a quota increase under the 15th Review and call on
the Executive Board to complete its work on the 15th Review and on a
package of IMF resources and governance reforms, and to report to the Board
of Governors as soon as possible. We support maintaining the IMF’s current
resource envelope and welcome the extension of the 2016 Bilateral Borrowing
Agreements by one year. We look forward to consideration of a doubling of
the New Arrangements to Borrow and a further temporary round of bilateral
borrowing beyond 2020.

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“Beyond the 15th Review, we are committed to revisiting the adequacy of
quotas and continuing the process of IMF governance reform under the 16th General
Review of Quotas, including a new quota formula as a guide, with the Review
to be extended from 2020 to no later than December 15, 2023. In this
context, we remain committed to ensuring the primary role of quotas in IMF
resources. Any adjustment in quota shares would be expected to result in
increases in the quota shares of dynamic economies in line with their
relative positions in the world economy and hence likely in the share of
emerging market and developing countries as a whole, while protecting the
voice and representation of the poorest members.”

Related links:


The International Monetary and Financial Committee

Factsheet — IMF Standing Borrowing Arrangements

Factsheet – IMF Quotas

 

 


IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Alistair Thomson

Phone: +1 202 623-6312Email: athomson2@IMF.org

@IMFSpokesperson








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