Agreement on Rise of 45 Percent: Board of Governors Adopts Quota Resolution; Members Must Take Steps to Consent to Increases

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The Board of Governors of the IMF has adopted a Resolution proposing an increase of 45 percent in the total IMF quotas to approximately SDR 212 billion (about $288 billion) from SDR 146 billion (about $199 billion). The adoption of the Resolution, which required an 85 percent majority of the total voting power of the IMF's membership, completes the Eleventh General Review of Quotas.

A member that does not have overdue obligations to the General Resources Account of the IMF will be able to consent to the increase in its quota at any time before January 29, 1999. In order to meet that deadline, the member will have to have completed before that date whatever action may be necessary under its laws to enable it to give its consent. No increase in quotas shall take effect before the date on which the IMF determines that members having not less than 85 percent of the total of quotas on December 23, 1997 have consented to the...