IMF Quota and Voice Publications
June 2006-April 2008
Last Updated: June 13, 2008
On April 28, 2008, the Board of Governors of the International Monetary Fund (IMF) adopted far-reaching reforms of the institution's governance structure (IMF Resolution 63-2). The reforms achieve a significant shift in the representation of dynamic economies, many of which are emerging market countries, through a quota increase for 54 member countries. In addition, the reforms give poorer countries a greater say in running the institution. Looking forward, the reforms create a more flexible system for quota and voice, which involves further changes over time as the relative positions of countries in the world economy evolve.
The Resolution proposes an amendment of the IMF's Articles of Agreement, which will enhance the voice and participation of low-income countries through (i) a tripling of basic votes—the first such increase since the IMF's creation in 1944, (ii) a mechanism that will keep constant the ratio of basic votes to total voting power in the IMF going forward and (iii) provisions enabling each of the two Executive Directors representing African constituencies to appoint an additional Alternate Director. The amendment will need to be accepted by at least three-fifths of IMF members representing 85 percent of the total voting power in order to become effective. Most member countries will need the approval of domestic legislatures to accept the proposed amendment. The proposed increase in quotas will also require further action on the part of those member countries eligible to receive an increase in their quotas.
Reaching agreement on the reforms involved substantial deliberation by the IMF's Executive Board, with key documents associated with these discussions listed below.
List of Documents
June 2006-April 2008
- Quotas—Updated Calculations (August 4, 2006). The data are available in Excel format at: 2006 Quota Data
- Quota and Voice—Further Thoughts on Approaches to Reform (June 23, 2006)
- Quotas and Voice—A Possible Package of Reforms, and the Chairman's Concluding Remarks (August 4, 2006)
- Report of the Managing Director to the International Monetary and Financial Committee on IMF Quota and Voice Reform (September 14, 2006)
- Quotas—Further Thoughts on a New Quota Formula, and Statistical Appendices I and II (November 22, 2006)
- Proposed Amendment of the Articles of Agreement Regarding Basic Votes—Preliminary Considerations and Chairman's Summing Up (December 22, 2006)
- A New Quota Formula—Additional Considerations, Statistical Appendix, and Statement by
the Managing Director (March 14, 2007)
- Quotas—Updated Calculations and Data Adjustments (July 11, 2007). The data are available in Excel format at: 2007 Quota Data Update. Updated PPP data as of December 2007 are also available at: PPP GDP Data.
- Quota and Voice Reform—Stocktaking and Further Considerations, Statistical Appendices I
and II, Statement by the Managing Director, and Summing Up of the Board Meeting (July 11, 2007)
- Quota and Voice Reform—Elements of a Possible Approach, Statistical Appendices I and II,
Request for Additional Simulations, Statement by the Managing Director, and Summing Up of the Board Meeting (September 14, 2007)
- Report of the Executive Board to the Board of Governors—Quota and Voice Reform—Progress Since the 2006 Annual Meetings (October 16, 2007)
- Quota and Voice Reform—Key Elements of a Potential Package of Reforms, Statistical
Appendix, and Summing of the Board Meeting (February 26, 2008)
- IMF Executive Board Recommends Reforms to Overhaul Quota and Voice, Press Release No. 08/64 (March 28, 2008)
- Report of the Managing Director to the International Monetary and Financial Committee on IMF Quota and Voice Reform (April 8, 2008)
- IMF Board of Governors Adopts Quota and Voice Reforms by Large Margin, Press Release No. 08/93 (April 29, 2008)