Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations
Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2010-03-29

Total Pages: 36

ISBN-13: 1498337724

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The FY 11–13 medium-term budget (MTB) presented in this paper brings to a close the three-year restructuring effort that began with the FY 09–11 MTB. It secures savings of $100 million in real terms while providing sufficient financing for structural operations and the Fund’s response to the global financial crisis. This budget has been crafted in a period of uncertainty regarding the final scope and duration of the financial crisis as well as the ongoing responsibilities that the Fund may retain even as the crisis unwinds. There is also uncertainty about new responsibilities that may result as a review of the Fund’s mandate is undertaken. Addressing these items will be part of the work agenda to be undertaken in the coming year.

Fourteenth General Review of Quotas - Realigning Quota Shares - Initial Considerations
Fourteenth General Review of Quotas - Realigning Quota Shares - Initial Considerations

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2010-03-24

Total Pages: 150

ISBN-13: 1498337767

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This note provides operational guidance and background information on the use of Fund resources for budgetary financing. It does this in the context of concerns expressed by some Executive Board Directors that, by providing such financing, the Fund might be held accountable for the quality of budgetary spending; that repayment could be subject to country budgetary processes; and that budget financing is the role of other institutions.

Fourteenth General Review of Quotas - Further Considerations
Fourteenth General Review of Quotas - Further Considerations

Author: International Monetary Fund. Finance Dept.

Publisher: International Monetary Fund

Published: 2010-02-09

Total Pages: 48

ISBN-13: 1498336892

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This paper provides the basis for the next round of discussions on the 14th General Review of Quotas. The Committee of the Whole (COW) has so far met three times this year: in March and July to consider the realignment of quota shares, and in April for an initial discussion on the size of the overall increase. Directors also met informally with the Managing Director on July 22 to take stock of the remaining issues, keeping in mind the tight timetable for completing the review and the need for flexibility and compromise from all sides. As discussed at the informal meeting, the Board recess provided an opportunity to take stock of the different positions and seek guidance from capitals on possible ways forward, with the goal of reaching a pragmatic solution that could bridge the remaining gaps within the relatively short period of time still available.

Fourteenth General Review of Quotas - Realigning Quota Shares - Further Considerations
Fourteenth General Review of Quotas - Realigning Quota Shares - Further Considerations

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2010-10-08

Total Pages: 163

ISBN-13: 1498337244

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In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Bank of Slovenia agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 280 million, on the terms and conditions set out in this paper.

Fourteenth General Review of Quotas - Possible Elements of a Compromise
Fourteenth General Review of Quotas - Possible Elements of a Compromise

Author: International Monetary Fund. Finance Dept.

Publisher: International Monetary Fund

Published: 2010-05-10

Total Pages: 48

ISBN-13: 1498336744

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The IMFC in its April 2010 Communiqué pledged to complete the 14th Quota Review before January 2011 in line with the parameters agreed in Istanbul. The Committee of the Whole (COW) has since continued its work aimed at developing proposals that could command broad support. At its most recent meeting in September, there was a shared commitment to reaching an agreement within the agreed timetable but views remained divided on many issues. To facilitate progress towards the agreed goal, this paper suggests possible elements that could help form the basis for an agreement. These elements seek to build on the discussions to date and balance the diverse views that have been expressed. Inevitably, they will not fully meet the preferences or priorities of any individual member, and difficult compromises will be required from all sides if an agreement is to be reached.

Fourteenth General Review of Quotas - Updated Data Set and Quota Calculations
Fourteenth General Review of Quotas - Updated Data Set and Quota Calculations

Author: International Monetary Fund. Legal Dept.

Publisher: International Monetary Fund

Published: 2010-07-15

Total Pages: 53

ISBN-13: 1498337317

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In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the United States Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA instrument.

Fifteenth General Review of Quotas—Further Considerations
Fifteenth General Review of Quotas—Further Considerations

Author: International Monetary Fund. Finance Dept.

Publisher: International Monetary Fund

Published: 2021-03-05

Total Pages: 93

ISBN-13: 1513571281

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The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. Responding to Directors suggestions, the quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. While quantitative estimates are generally somewhat lower after factoring in the alternative assumptions, these reductions are more than outweighed when the analysis is extended through the middle of the next decade, recognizing that the outcome of the 15th Review will likely determine permanent Fund resources through at least the middle of the next decade. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. It also provides an assessment of the general impact of the various qualitative considerations. Taken together, the two pillars continue to make a case for at least maintaining existing Fund resources. Against this background, the simulations in the paper cover three illustrative sizes for quota increases (50, 75, and 100 percent), centered on broadly maintaining Fund resources, assuming the New Arrangements to Borrow (NAB) is maintained at its current level and Bilateral Borrowing Agreements (BBAs) expire.

Adequacy of Fund Resources – Preliminary Considerations
Adequacy of Fund Resources – Preliminary Considerations

Author: International Monetary Fund. Finance Dept.

Publisher: International Monetary Fund

Published: 2021-03-05

Total Pages: 46

ISBN-13: 1513571176

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This paper provides background for initial considerations on the appropriate size of the Fund’s overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during the global crisis. The paper also argues that the global economy is changing in fundamental ways, with implications for the size of the Fund. Against this background, the analysis suggests that the current overall lending capacity of the Fund should be seen as a minimum. Additional resources would be needed if the Fund were to introduce changes to its lending framework. While the financing structure of the Fund should be largely quota-based, staff sees a strong case for continuing to backstop quota resources with a standing borrowing facility. Maintaining the Fund’s current overall lending capacity would require swift action by the membership.

Adequacy of Fund Resources—Further Considerations
Adequacy of Fund Resources—Further Considerations

Author: International Monetary Fund. Finance Dept.

Publisher: International Monetary Fund

Published: 2021-03-05

Total Pages: 56

ISBN-13: 1513571257

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This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The second pillar of the framework is qualitative in nature. The paper also provides information to support a discussion on the mix of Fund resources.

Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits Under the General Resource Account
Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits Under the General Resource Account

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2023-12-15

Total Pages: 42

ISBN-13:

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The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts.