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IMF Quota Formula Update

IMF quota reform update and thoughts from the Brazilian Executive Director.

Examples of Anomalies of the Current Quota Formula  

Detailed list of the flaws with the current IMF quota formula based on some of the outcomes it creates or contributes to.

Quota Formula Review—Initial Considerations  

This paper provides the basis upon which the IMF Board will begin a review of its quota formula. The paper goes over the role of the formula and previous discussions about it and reports on illustrative simulations the possible impact of some of the proposed modifications to quota shares. It then concludes the article with questions for the Directors.

Quota Formula Review—Initial Considerations Supplement 

This paper contains illustrative calculations for both major country groups and for individual members. It discusses the evolution of variability being factored in the quota formula. The final section is devoted to empirical analysis.

Note on Quota Formula Review: Initial Considerations

This personal note, written by Paulo Nogueira Batista Jr., the Brazilian IMF Executive Director, deconstructs and comments on the Quota Formula Review: Initial Considerations paper.

 

 

 Acceptances of the IMF quota reform

Country

Number of Countries = 100

Quota Share %

(as of Nov 5, 2010)

Angola

0.13

Antigua and Barbuda  

0.01  

Australia  

1.49  

Bahamas, The  

0.06  

Bangladesh  

0.25  

Barbados  

0.03  

Belarus  

0.18  

Belgium  

2.12  

Belize  

0.01  

Benin  

0.03  

Bhutan  

0.003  

Botsw ana  

0.03  

Brazil  

1.40  

Brunei Darussalam  

0.10  

Burkina Faso  

0.03  

Burundi  

0.04  

Cambodia  

0.04  

Chad  

0.03  

China  

3.72  

Colombia  

0.36  

Comoros  

.004  

Côte d'Ivoire  

0.15  

Croatia  

0.17  

Denmark  

0.76  

Djibouti  

0.01  

Dominica  

0.004  

Dominican Republic  

0.10  

El Salvador  

0.08  

Equatorial Guinea  

0.01  

Ethiopia  

0.06  

Finland  

0.58  

France  

4.94  

Gambia, The  

0.01  

Greece  

0.38  

Guyana  

0.04  

Haiti  

0.04  

Honduras 

0.06  

Iceland  

0.05  

India  

1.91  

Indonesia  

0.96  

Ireland  

0.39  

Italy  

3.24  

Jamaica  

0.13  

Japan  

6.12  

Kenya  

0.12  

Korea  

1.35  

Lao PDR  

0.02  

Latvia  

0.06  

Lesotho  

0.02  

Liberia  

0.06  

Libya  

0.52  

Luxembourg  

0.13  

Malawi  

0.03  

Malaysia  

0.68  

Maldives  

0.004  

Malta  

0.05  

Mauritius  

0.05  

Mozambique  

0.05  

Myanmar  

0.12  

Namibia  

0.06  

Nepal  

0.03  

Netherlands, The  

2.37  

Nicaragua  

0.06  

Nigeria  

0.81  

Norway  

0.77  

Pakistan  

0.48  

Panama  

0.10  

Papua New Guinea  

0.06  

Paraguay  

0.05  

Peru  

0.29  

Philippines  

0.40  

Poland  

0.63  

Portugal  

0.40  

Romania  

0.47  

Russian Federation  

2.73  

Saudi Arabia  

3.21  

Serbia  

0.22  

Seychelles  

0.004  

Sierra Leone  

0.05  

Singapore  

0.40  

Slovenia  

0.11  

South Africa  

0.86  

Spain  

1.40

Sri Lanka  

0.19

St. Vincent and the Grenadines  

0.004

Suriname  

0.04  

Swaziland  

0.02  

Sweden  

1.10  

Tanzania  

0.09  

Thailand  

0.50  

Tonga  

0.003  

Trinidad and Tobago  

0.15  

Turkey  

0.55  

Uganda  

0.08  

United Kingdom  

4.94  

Uruguay  

0.14  

Uzbekistan  

0.13  

Vietnam  

0.15  

Zambia  

0.22  

Zimbabwe  

0.16  

Total  

57.93

 

 

 

   

G24 Communique

The G24 released its latest Communique on International Monetary Affairs and Development at the IMF-World Bank Spring Meetings last week. Read the full Communique.

Learn more about the G-24 here

   
   
   
   

Lagarde praised, but secretive IMF process panned

Agence France Press. The choice of French Finance Minister Christine Lagarde to be the first woman to head the International Monetary Fund was widely applauded Tuesday, but critics assailed the secretive process that kept in place Europe's 65-year lock on the position. 6/29/2011

Read more »

   
   

Why France's Lagarde will be next IMF chief

The Observer by Jeff Mbanga. The Executive board of the International Monetary Fund will choose between a Mexican banker and a French minister as the fund's Managing Director by the end of this month. 6/22/11

Read more »

   

Financial Stability Board: under the spotlight

GFS News by Will Henley. The Financial Stability Board is charged with maintaining the openness and transparency of the financial sector, yet its own internal processes are shrouded in secrecy. Should emerging markets get a greater say and will Mario Draghi step down as chair? Will Henley reports. 6/17/2011
   

Question Time for Candidates: Public Debate Needed for IMF Leadership Post

The official candidates for the position of managing director of the International Monetary Fund (IMF) have now emerged, but their positions on important topics facing the Fund are not yet clear. Civil society groups set out four pre-requisites for a new head of the IMF in April, including experience running intergovernmental institutions, independence, personal characteristics, and understanding of key issues.

A test of the first three areas is possible from looking at the candidates’ background, but for the last of these, their views are not clear. The IMF still needs fundamental reform if it is to be relevant to the global economy of the 21st century and to operate in the interests of ordinary people all over the world. We believe there are 4 key areas where these candidates must answer questions and that these questions should be answered in a public debate among the candidates.

Read more »

   

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