Press Release No. 03/14

Press Release: IMF Board of Governors Approves Conclusion of Quota Review

February 4, 2003

On January 30, 2003 the Board of Governors of the International Monetary Fund (IMF) adopted a Resolution recommending the conclusion of the Twelfth General Review of Quotas without proposing an increase in IMF quotas (see Press Release No. 03/02). The votes of a majority of Governors, exercising two-thirds of the total voting power, were required for adopting the Resolution, which concludes the Twelfth Review of Quotas and leaves the size of the quotas unchanged at SDR 212.7 billion (about US$287 billion). A total of 2,142,044 votes of a 2,173,313 available votes was cast by 163 of 184 members; 2,005,478 votes were cast in favor of the Resolution.

During the period of the Thirteenth General Review, which has commenced with the completion of the Twelfth Review, the IMF Executive Board will monitor closely and assess the adequacy of IMF resources, consider measures to achieve a distribution of quotas that reflects developments in the world economy, and consider measures to strengthen the governance of the IMF. The Executive Board intends to provide a status report on its discussions regarding these issues to the International Monetary and Financial Committee (IMFC) by the 2003 Annual Meetings and establish, as the discussions may warrant, a Committee of the Whole to make specific recommendations.