Press Release: IMF Board Submits Resolution to Governors for 45 Percent Quota Increase

December 23, 1997

The Executive Board of the International Monetary Fund has submitted a Report and Draft Resolution to the Board of Governors proposing an increase of 45 percent in IMF quotas to approximately SDR 212 billion (about US$287 billion) from SDR 146 billion (about US$197 billion). The Governors are asked to vote on the proposed Resolution, without meeting, by January 30, 1998. The adoption of the Resolution requires a majority of 85 percent of the total voting power of the IMF’s membership.

The quotas proposed for each member were arrived at in the following manner: 75 percent of the overall increase will be distributed among all members in proportion to their existing quotas; 15 percent of the overall increase will be distributed in proportion to members shares in calculated quotas (based on 1994 data), so as to better reflect the relative economic positions of members; and the remaining 10 percent of the overall increase will be distributed among those members whose present quotas are out of line with their positions in the world economy (as measured by the excess of their share in calculated quotas over their share in actual quotas), of which 1 percent of the overall increase will be distributed among five members whose current quotas are far out of line with their relative economic positions, and which are in a position to contribute to the IMF’s liquidity over the medium term.

Twenty-five percent of the increase in each member’s quota will be paid in SDRs, or in currencies of other members specified, with their concurrence, by the IMF. See table below.


Eleventh General Review -- Proposed Quotas

Fund of SDR 212.0 billion - Overall Increase of 45 Percent







Ninth Review Quotas

Proposed Quotas

Countries ranked by Ninth Review quota

Amount (In millions of SDRs)
(1)

Share

(In percent)
(2)

Amount (In millions of SDRs)
(3)

Share

(In percent)
(4)






UNITED STATES

26526.8

18.141

37149.3

17.521

GERMANY

8241.5

5.636

13008.2

6.135

JAPAN

8241.5

5.636

13312.8

6.279

FRANCE

7414.6

5.071

10738.5

5.065

UNITED KINGDOM

7414.6

5.071

10738.5

5.065






SAUDI ARABIA

5130.6

3.509

6985.5

3.295

ITALY

4590.7

3.139

7055.5

3.328

CANADA

4320.3

2.955

6369.2

3.004

RUSSIA

4313.1

2.95

5945.4

2.804

NETHERLANDS

3444.2

2.355

5162.4

2.435






CHINA

3385.2

2.315

4687.2

2.211

BELGIUM

3102.3

2.122

4605.2

2.172

INDIA

3055.5

2.09

4158.2

1.961

SWITZERLAND

2470.4

1.689

3458.5

1.631

AUSTRALIA

2333.2

1.596

3236.4

1.526






BRAZIL

2170.8

1.485

3036.1

1.432

VENEZUELA

1951.3

1.334

2659.1

1.254

SPAIN

1935.4

1.324

3048.9

1.438

MEXICO

1753.3

1.199

2585.8

1.22

SWEDEN

1614

1.104

2395.5

1.13






ARGENTINA

1537.1

1.051

2117.1

0.998

INDONESIA

1497.6

1.024

2079.3

0.981

SOUTH AFRICA

1365.4

0.934

1868.5

0.881

NIGERIA

1281.6

0.876

1753.2

0.827

AUSTRIA

1188.3

0.813

1872.3

0.883






NORWAY

1104.6

0.755

1671.7

0.788

IRAN, ISLAMIC REPUBLIC OF

1078.5

0.738

1497.2

0.706

DENMARK

1069.9

0.732

1642.8

0.775

UKRAINE

997.3

0.682

1372

0.647

KUWAIT

995.2

0.681

1381.1

0.651






POLAND

988.5

0.676

1369

0.646

ALGERIA

914.4

0.625

1254.7

0.592

IRAQ

864.8

0.591

1188.4

0.56

FINLAND

861.8

0.589

1263.8

0.596

MALAYSIA

832.7

0.569

1486.6

0.701






LIBYA

817.6

0.559

1123.7

0.53

KOREA

799.6

0.547

1633.6

0.77

PAKISTAN

758.2

0.519

1033.7

0.488

HUNGARY

754.8

0.516

1038.4

0.49

ROMANIA

754.1

0.516

1030.2

0.486






EGYPT

678.4

0.464

943.7

0.445

ISRAEL

666.2

0.456

928.2

0.438

NEW ZEALAND

650.1

0.445

894.6

0.422

TURKEY

642

0.439

964

0.455

PHILIPPINES

633.4

0.433

879.9

0.415






CHILE

621.7

0.425

856.1

0.404

CZECH REPUBLIC

589.6

0.403

819.3

0.386

GREECE

587.6

0.402

823

0.388

THAILAND

573.9

0.392

1081.9

0.51

COLOMBIA

561.3

0.384

774

0.365






PORTUGAL

557.6

0.381

867.4

0.409

IRELAND

525

0.359

838.4

0.395

PERU

466.1

0.319

638.4

0.301

BULGARIA

464.9

0.318

640.2

0.302

MOROCCO

427.7

0.292

588.2

0.277






CONGO, DEM. REPUBLIC OF THE

394.8

0.27

533

0.251

BANGLADESH

392.5

0.268

533.3

0.252

UNITED ARAB EMIRATES

392.1

0.268

611.7

0.288

ZAMBIA

363.5

0.249

489.1

0.231

SINGAPORE

357.6

0.245

862.5

0.407






SRI LANKA

303.6

0.208

413.4

0.195

BELARUS

280.4

0.192

386.4

0.182

GHANA

274

0.187

369

0.174

CROATIA

261.6

0.179

365.1

0.172

ZIMBABWE

261.3

0.179

353.4

0.167






SLOVAK REPUBLIC

257.4

0.176

357.5

0.169

KAZAKHSTAN

247.5

0.169

365.7

0.172

TRINIDAD AND TOBAGO

246.8

0.169

335.6

0.158

VIETNAM

241.6

0.165

329.1

0.155

CÔTE D'IVOIRE

238.2

0.163

325.2

0.153






SUDAN

233.1

0.159

315.1

0.149

URUGUAY

225.3

0.154

306.5

0.145

ECUADOR

219.2

0.15

302.3

0.143

SYRIAN ARAB REPUBLIC

209.9

0.144

293.6

0.138

ANGOLA

207.3

0.142

286.3

0.135






TUNISIA

206

0.141

286.5

0.135

JAMAICA

200.9

0.137

273.5

0.129

UZBEKISTAN

199.5

0.136

275.6

0.13

KENYA

199.4

0.136

271.4

0.128

QATAR

190.5

0.13

263.8

0.124






MYANMAR

184.9

0.126

258.4

0.122

YEMEN, REPUBLIC OF

176.5

0.121

243.5

0.115

DOMINICAN REPUBLIC

158.8

0.109

218.9

0.103

GUATEMALA

153.8

0.105

210.2

0.099

SLOVENIA

150.5

0.103

231.7

0.109






BRUNEI DARUSSALAM

150

0.103

215.2

0.101

PANAMA

149.6

0.102

206.6

0.097

TANZANIA

146.9

0.1

198.9

0.094

LEBANON

146

0.1

203

0.096

LUXEMBOURG

135.5

0.093

279.1

0.132






CAMEROON

135.1

0.092

185.7

0.088

UGANDA

133.9

0.092

180.5

0.085

BOLIVIA

126.2

0.086

171.5

0.081

EL SALVADOR

125.6

0.086

171.3

0.081

JORDAN

121.7

0.083

170.5

0.08






BOSNIA AND HERZEGOVINA

121.2

0.083

169.1

0.08

AFGHANISTAN, ISLAMIC STATE OF

120.4

0.082

161.9

0.076

OMAN

119.4

0.082

194

0.091

COSTA RICA

119

0.081

164.1

0.077

SENEGAL

118.9

0.081

161.8

0.076






AZERBAIJAN

117

0.08

160.9

0.076

GEORGIA

111

0.076

150.3

0.071

GABON

110.3

0.075

154.3

0.073

LITHUANIA

103.5

0.071

144.2

0.068

CYPRUS

100

0.068

139.6

0.066






NAMIBIA

99.6

0.068

136.5

0.064

ETHIOPIA

98.3

0.067

133.7

0.063

LIBERIA

96.2

0.066

129.2

0.061

NICARAGUA

96.1

0.066

130

0.061

PAPUA NEW GUINEA

95.3

0.065

131.6

0.062






HONDURAS

95

0.065

129.5

0.061

BAHAMAS, THE

94.9

0.065

130.3

0.061

LATVIA

91.5

0.063

126.8

0.06

MADAGASCAR

90.4

0.062

122.2

0.058

MOLDOVA

90

0.062

123.2

0.058






ICELAND

85.3

0.058

117.6

0.055

MOZAMBIQUE

84

0.057

113.6

0.054

BAHRAIN

82.8

0.057

135

0.064

GUINEA

78.7

0.054

107.1

0.051

SIERRA LEONE

77.2

0.053

103.7

0.049






MAURITIUS

73.3

0.05

101.6

0.048

PARAGUAY

72.1

0.049

99.9

0.047

MALI

68.9

0.047

93.3

0.044

SURINAME

67.6

0.046

92.1

0.043

ARMENIA

67.5

0.046

92

0.043






MALTA

67.5

0.046

102

0.048

GUYANA

67.2

0.046

90.9

0.043

CAMBODIA

65

0.044

87.5

0.041

KYRGYZ REPUBLIC

64.5

0.044

88.8

0.042

SOMALIA

60.9

0.042

81.7

0.039






HAITI

60.7

0.042

81.9

0.039

TAJIKISTAN

60

0.041

87

0.041

RWANDA

59.5

0.041

80.1

0.038

CONGO, REPUBLIC OF

57.9

0.04

84.6

0.04

BURUNDI

57.2

0.039

77

0.036






TOGO

54.3

0.037

73.4

0.035

NEPAL

52

0.036

71.3

0.034

FIJI

51.1

0.035

70.3

0.033

MALAWI

50.9

0.035

69.4

0.033

MACEDONIA, FYR

49.6

0.034

68.9

0.032






BARBADOS

48.9

0.033

67.5

0.032

NIGER

48.3

0.033

65.8

0.031

TURKMENISTAN

48

0.033

75.2

0.035

MAURITANIA

47.5

0.032

64.4

0.03

ESTONIA

46.5

0.032

65.2

0.031






BENIN

45.3

0.031

61.9

0.029

BURKINA FASO

44.2

0.03

60.2

0.028

CHAD

41.3

0.028

56

0.026

CENTRAL AFRICAN REPUBLIC

41.2

0.028

55.7

0.026

LAO PEOPLE'S DEM. REPUBLIC

39.1

0.027

52.9

0.025






MONGOLIA

37.1

0.025

51.1

0.024

BOTSWANA

36.6

0.025

63

0.03

SWAZILAND

36.5

0.025

50.7

0.024

ALBANIA

35.3

0.024

48.7

0.023

EQUATORIAL GUINEA

24.3

0.017

32.6

0.015






LESOTHO

23.9

0.016

34.9

0.016

GAMBIA, THE

22.9

0.016

31.1

0.015

BELIZE

13.5

0.009

18.8

0.009

VANUATU

12.5

0.009

17

0.008

DJIBOUTI

11.5

0.008

15.9

0.007






ERITREA

11.5

0.008

15.9

0.007

ST. LUCIA

11

0.008

15.3

0.007

GUINEA-BISSAU

10.5

0.007

14.2

0.007

SAN MARINO

10

0.007

17

0.008

ANTIGUA AND BARBUDA

8.5

0.006

13.5

0.006






GRENADA

8.5

0.006

11.7

0.006

SAMOA

8.5

0.006

11.6

0.005

SOLOMON ISLANDS

7.5

0.005

10.4

0.005

CAPE VERDE

7

0.005

9.6

0.005

COMOROS

6.5

0.004

8.9

0.004






ST. KITTS AND NEVIS

6.5

0.004

8.9

0.004

DOMINICA

6

0.004

8.2

0.004

SEYCHELLES

6

0.004

8.8

0.004

ST. VINCENT AND THE GRENADINES

6

0.004

8.3

0.004

MALDIVES

5.5

0.004

8.2

0.004






SÃO TOMÉ AND PRÍNCIPE

5.5

0.004

7.4

0.003

TONGA

5

0.003

6.9

0.003

BHUTAN

4.5

0.003

6.3

0.003

KIRIBATI

4

0.002735491

5.6

0.0026411

MICRONESIA, FEDERATED STATES OF

3.5

0.002393554

5.1

0.0024053






MARSHALL ISLANDS

2.5

0.001709682

3.5

0.0016507

PALAU, REPUBLIC OF

2.25

0.001538714

3.1

0.0014621






Memorandum Item:





FEDERAL REPUBLIC OF YUGOSLAVIA





(SERBIA/MONTENEGRO)

335.4

0.229370895

467.7

0.220583033






Total

146226.05

100

212029

100









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