IMF Board of Governors approves quota increase for China

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Page 55

On February 8, the IMF announced in a news brief that the Board of Governors approved a proposal by the Executive Board for an increase in China's quota to SDR 6.4 billion (about $8.3 billion) from SDR 4.7 billion (about $6.1 billion) (see Press Release No. 01/01 and IMF Survey, January 8, page 6). The decision came in response to a request from China for a special increase in its quota to reflect its position in the world economy following the resumption of Chinese sovereignty over Hong Kong SAR.

China will have 30 days to consent to, and pay, the increased quota subscription. The decision provides that China should pay 25...