OREANDA-NEWS. The Executive Board of the International Monetary Fund (IMF) adopted on January 29, 2016 a report to the Board of Governors—the IMF’s highest decision-making body—on the Fifteenth General Review of Quotas (“Fifteenth Review”).

In its Report, the Executive Board notes that the work on the Fifteenth Review has so far been delayed because the quota and governance reforms agreed in 2010 (“2010 Reforms”) had not been implemented. As a result, the Executive Board was not able to complete its work on the Fifteenth Review by December 15, 2015, the deadline under the Articles and as called for by the Board of Governors in Resolution No. 70-1 (see Press Release No. 15/20).

Given that the Board Reform Amendment has now entered into force on January 26, allowing for quota increases under the Fourteenth Review to become effective, the Executive Board proposes that the Board of Governors adopt a Resolution welcoming the entry into force of the Board Reform Amendment agreed in 2010, calling on the remaining members who have not yet consented to their Fourteenth Review quota increases to do so without further delay, and urging the members who have consented to their quota increases to make their quota payments in a timely manner. It also proposes that the Board of Governors resolve to continue the Fifteenth Review, and call on the Executive Board to work on the Fifteenth Review expeditiously in line with previous understandings, with the aim of completing the review by the 2017 Annual Meetings.