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Press Release: IMF Executive Board Reports to the Board of Governors on Interim Steps on Quota and Governance Reform

Press Release No. 15/273 June 12, 2015

The Executive Board of the International Monetary Fund (IMF) adopted on June 11, 2015, a report to the Board of Governors—the IMF’s highest decision-making body—on interim steps on quota and governance reform.

In light of continuing delays in the implementation of the 2010 quota and governance reforms (2010 Reforms), the Board of Governors, in February 2015, adopted Resolution No. 70-1, which called on the Executive Board to work expeditiously and to complete its work as soon as possible on interim steps in the key areas covered by the 2010 Reforms, pending their full implementation, and thus to enable the Board of Governors to reach agreement on steps that represent meaningful progress towards the objectives of the 2010 Reforms by June 30, 2015 (see Press Release No. 15/20).1

In its Report, the Executive Board notes that, while progress has been made, the Executive Board has concluded that more time is needed to build the necessary consensus among the membership to complete its work on interim steps. The Report further notes that the Executive Board reiterates its deep disappointment with the continued delay in the effectiveness of the 2010 Reforms, and urges the United States to ratify them as soon as possible. The Report indicates that, if the 2010 Reforms are not ratified by September 15, 2015, the Executive Board will consider prior to end-September which interim solution to pursue and will, building on its ongoing discussions, complete its work on steps that represent meaningful progress towards the objectives of the 2010 Reforms as early as possible and no later than mid-December 2015. The Report notes that the Executive Board will continue to follow the guidance and directions provided by the IMFC and the Board of Governors on all other quota and governance-related matters.

1 Board of Governors Resolution No. 70-1 on 2010 Reforms and Fifteenth General Review of Quotas, adopted February 18, 2015.