This paper updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment”) as set out in the Board of Governors Resolution No. 66-2.
This paper updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board ('Board Reform Amendment') as set out in the Board of Governors Resolution No. 66-2.
This paper sets out, and seeks to make operational, a core package for the consideration of the Executive Board and, subsequently, the Board of Governors. The reforms would lead to a major overhaul of the Fund’s quotas and governance, strengthening the Fund’s legitimacy and effectiveness. The paper proposes completion of the 14th General Review of Quotas with a doubling of quotas and a major realignment of quota shares among members. It also covers proposals that would lead to a more representative, all-elected Executive Board.
This status report reviews progress toward implementation of the 2010 Quota and Governance Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.
A stronger presumption of publication for all program-related documents could further increase publication rates, while defining prompt publication should help reduce publication lags. Streamlining external communication products could reduce the risk of inconsistent messaging. The review also presents new evidence on evenhandedness with now only few cases not fulfilling the criteria for modifications under the policy. It nevertheless suggests measures to strengthen monitoring in this area. The review sets out the Fund’s policies on confidential information, and proposes that staff systematically explains these policies in its interactions with country authorities. In response to recent surveillance reforms, the review also proposes a new publication regime for multi-country documents. Staff sees the introduction of a publication regime for a new category of multi-country documents as the best way to ensure that the Fund publishes candid multilateral surveillance, while respecting members’ needs. Similarly, the modification rules for country documents will need to be adapted to take into account the implications of the Integrated Surveillance Decision (ISD).
Paragraph 4 of the Board of Governors Resolution on Quota and Voice Reform in the International Monetary Fund, which was adopted effective September 18, 2006 (Resolution 61-5), addresses issues relating to the reform of basic votes in the Fund. Specifically, it provides as follows: “As an integral part of the reform program, and together with its recommendations for increases in quotas under paragraph 3, the Executive Board is requested to propose to the Board of Governors an amendment of the Fund’s Articles of Agreement that would: (a) provide for at least a doubling of the “basic” votes that each member possesses pursuant to Article XII, Section 5(a) of the Fund’s Articles of Agreement, and thereby at a minimum protect the existing voting share of low income countries as a group and (b) ensure that the ratio of the sum of the “basic” votes of all members to the sum of members’ total voting power remains constant following the increase under (a) above in the event of any subsequent changes in the total voting power of members. The Executive Board is requested to put forward a specific proposal by the Annual Meetings in 2007, and no later than the Annual Meetings in 2008.” This paper is intended as a first step in facilitating the Executive Board’s response to the above request of the Board of Governors. Specifically, it discusses the design of an amendment of the Articles that would ensure that the ratio of the sum of the basic votes of all members to the sum of members’ total voting power remains constant, as called for in paragraph 4(b) of Resolution 61-5, and identifies implications of such an amendment.
This paper proposes a six-month extension of the period for consent to increase quotas under the Fourteenth General Review of Quotas.1 The current deadline is due to expire on June 30, 2012;2 however, Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine. An extension under the Board of Governor’s Resolution No. 66-2 will also extend the periods of consent for quota increases under the 2008 Reform of Quota and Voice (Resolution No. 63-2) and the Eleventh General Review of Quotas (Resolution No. 53-2).
This paper proposes a further six-month extension of the period for consent to increase quotas under the Fourteenth General Review of Quotas. The current deadline is due to expire on December 31, 2014; however, Board of Governor’s Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine. An extension under Resolution No. 66-2 will also extend the periods of consent for quota increases under the 2008 Reform of Quota and Voice (Resolution No. 63-2) and the Eleventh General Review of Quotas (Resolution No. 53- 2).