■ Reforms will lead to all-elected, more representative Executive Board
■ IMF quotas to double to about $755 billion
Summary of the Key Elements of the Reforms:
1) Quotas and Voting shares
• Quota increase – Members’ quotas, the Fund’s principal source of financial resources, will double under the 14th General Review of Quotas to SDR 476.8 billion from SDR 238.4 billion agreed under the 2008 quota and voice reform. Once the increase in quotas becomes effective, there will be a corresponding rollback in the New Arrangements to Borrow (NAB), a back-stop arrangement between the IMF and a group of IMF members to provide additional lending resources to the Fund, preserving relative shares.
• Shift in shares – The minimum targets set out in the October 2009 IMFC Communiqué will be exceeded with a more than 6 percent quota shift from over-represented to under-represented members, and a more than 6 percent quota shift to dynamic emerging market and developing countries. Moreover, the total shift in voting share to emerging market and developing countries as a whole will be 5.3 percent, when combined with the 2008 quota and voice reform.
• Protecting the voting power of the poorest – Voting shares will be preserved for the poorest countries, defined as those members eligible for borrowing from the low-income Poverty Reduction and Growth Trust and whose per capita income is below the International Development Association threshold (US$1,135 in 2008, the year on which the quota reform calculations are based, or twice that amount for small countries).
• Quota formula and next review –A comprehensive review of the current quota formula, which formed the basis to work from during the 14th General Review, will be completed by January 2013. Completion of the 15th General Review of Quotas will be brought forward by about two years to January 2014. The goal is to continue the dynamic process of adjusting quota shares to reflect shifts in the global economy. Any realignment is expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the global economy, and hence likely in the share of emerging market and developing countries as a whole. Steps will also be taken to protect the voice and representation of the poorest members.
2) Governance—Executive Board size and composition
• The membership commits to maintain the Executive Board size at 24 members, and to review Board composition every eight years, starting when the quota reform takes effect.
• Advanced European countries will reduce their combined Board representation by two chairs at the latest by the time of the first election after the quota reform takes effect.
• The Executive Board will consist only of elected Executive Directors following entry into force of the proposed amendment of the Fund’s Articles of Agreement, ending the category of appointed Executive Directors (currently the members with the five largest quotas appoint an Executive Director).
• There will be further scope for appointing second Alternate Executive Directors to enhance representation of multi-country constituencies.
ANNEX
The Board of Governors is the highest decision-making body of the IMF and consists of one governor appointed by each member country. The governor is usually the minister of finance or the governor of the central bank. Most powers of the IMF are vested in the Board of Governors. The Board of Governors has delegated to the Executive Board all except certain reserved powers. The Board of Governors normally meets once a year.
The Executive Board functions in continuous session and is responsible for conducting the business of the IMF. It is composed of 24 Directors, who are appointed (5) or elected by member countries or by groups of countries (19), and the Managing Director, who serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.
Each member country of the IMF is assigned a quota, based on its relative position in the world economy and various other variables. Quota subscriptions generate most of the IMF's financial resources. A member’s quota determines its maximum financial commitment to the IMF and its voting power, and has a bearing on its access to IMF financing.
1/ See Annex I for a description of the allocation mechanism.
2/ GDP blended using 60 percent market and 40 percent PPP exchange rates, compressed using a factor of 0.95.
3/ Includes ad hoc increases for 54 eligible members that are not yet effective; also includes Kosovo and Tuvalu which became members on June 29, 2009 and June 24, 2010, respectively. For the two countries that have not yet consented to, and paid for, their quota increases, 11th Review proposed quotas are used.
4/ Basic votes are calculated using the agreed percentage of total votes, 5.502 percent of total votes (provided there are no fractional votes) as in the Proposed Amendment to Enhance Voice and Participation, which has not yet entered into effect.
5/ Including Korea and Singapore.
6/ Eligibility is limited to PRGT-eligible countries with annual per capital income below the prevailing operational IDA cut-off in 2008 (US$1,135) or below twice IDA's cut-off for countries meeting the definition of a "small country" under the PRGT eligibility criteria. Zimbabwe is included.
7/ Includes all under-represented EMDCs plus other dynamic EMDCs defined as those whose PPP GDP share divided by post second round quota share is greater than 1 and who are not over-represented by more than 25 percent.
8/ Uniform proportional reduction in the gap between GDP blend (see footnote 2) and post-selective quota share.
Fonte: FMI
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