IMF urges members to speed up governance reform approval

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　　The Executive Board of the IMF has reviewed progress toward implementation² of the 2010 Governance and Quota³ Reform Package, the global lender said in a statement.

　　"As of December 12, 2011, 53 members having 35.96 percent of quotas⁴ as of November 5, 2010 had consented to their proposed quota increases under the 14th General Review of Quotas. As of the same date, 38 members having 30.08 percent of the total voting power had accepted the proposed amendment⁵ to reform the Executive Board," noted⁶ the statement.

　　The IMF Board of Governors approved a quota and governance reform package on December 15, 2010, including a doubling of IMF quotas under the 14th General Review of Quotas and a shift in quotas to dynamic emerging markets and under-represented countries, and a proposed amendment to reform the Executive Board that would facilitate a move to a more representative and all-elected Executive Board.

　　For the quota increases under the 14th General Review of Quotas to become effective, two conditions need to be met. First, the entry into force of the proposed amendment to reform the Executive Board, which requires acceptance by three-fifths of members having 85 percent of the Fund's total voting power; second, the consent to the quota increase under the 14th General Review of Quotas by members having not less than 70 percent of total quotas as of November 5, 2010.

　　Christine Lagarde, Managing Director of the IMF, called on members to use their best efforts to make the 2010 reform package effective before the 2012 Annual Meetings.

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