Reflexões Inquietas

The 16th General Review of IMF Quotas

This is just an English version of a note posted in November 9, 2023, during the discussions about the review of quotas in the IMF.

There are some differences because the review of quotas was closed in December 2023.

Some of the demands from the emerging markets and developing countries (EMDES) were accepted. The IMF Governors approved an increase in permanent quotas, which will meet the expected needs of the Global Financial Security Network (GFSN). There is no new money in this financial arrangement. Bilateral bridging loans from NAB and BBA will be converted into quotas. It is clear, however, that borrowing capacity will not change. On the other hand, the decision of the Fund Governors, on December 15, 2023, also postponed the proposed realignment of the quota formula until June 2025, when the 17th Quota Review will be discussed. The issue is seen as urgent mainly by EMDEs, as they aim to realign quotas to better reflect the relative positions of countries in the world economy.

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