On February 7, 2020 the Board of Governors of the International Monetary Fund (IMF) adopted a Resolution concluding the Fifteenth General Review of Quotas with no increase in IMF quotas. The Resolution also provides guidance for the Sixteenth General Review of Quotas to continue the process of IMF governance reform in line with the October 2019 IMFC commitments.
Under the Resolution, the Sixteenth Review should be concluded no later than December 15, 2023 and the Executive Board is requested to report to the Board of Governors on progress on the Sixteenth Review semi-annually, with a first report by the 2021 Annual Meetings.
This Resolution marks another milestone in implementing the package on IMF resources and governance reform endorsed by the IMF membership during the 2019 Annual Meetings.
The package also includes a doubling of the New Arrangements to Borrow (NAB), approved by the Executive Board on January 16 , and consideration of a further temporary round of bilateral borrowing beyond 2020 to maintain the Fund’s lending capacity of about US$1 trillion. In the Resolution, the Board of Governors calls on NAB participants to provide promptly the required consents to make the doubling of the NAB effective by January 1, 2021. Work is underway to secure agreement on a further temporary round of bilateral borrowing agreements beyond 2020.