延长第十六次配额总审查下同意增加配额的期限和NAB回滚

IMF POLICY PAPER EXTENSION OF THE PERIOD FOR CONSENT TO INCREASEQUOTAS UNDER THE SIXTEENTH GENERAL REVIEW OFQUOTAS AND TO THE NAB ROLLBACK IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following documents havebeen released and are included in this package: •TheStaff Report, prepared by IMF staff and completed on May 1, 2025, for theExecutive Board’s consideration on Lapse of Time Basis by May 9, 2025. The IMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reportsand other documents. Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary FundWashington, D.C. EXTENSION OF THE PERIOD FOR CONSENT TO INCREASEQUOTAS UNDER THE SIXTEENTH GENERAL REVIEW OFQUOTAS AND TO THE NAB ROLLBACK May 1, 2025 Approved ByBernard Lauwers (FIN) Prepared bythe Finance (FIN) Department, in consultation withLegal (LEG), Strategy, Policy and Review (SPR), and Secretary’s(SEC) Departments. BACKGROUND 1.The conclusion of the 16thGeneral Review of Quotas (GRQ) envisages anincrease in quotas and a rollback of the New Arrangements to Borrow (NAB).OnDecember 15, 2023, the IMF’s Board of Governors adopted Resolution No. 79-1 on the16thGRQ which proposed a 50 percent increase in the quotas of all Fund members,conditional on a reduction (“rollback”) in the credit arrangements under the NAB.Thecurrent deadline for receiving member consents to their quota increases and the NABrollback is set to expire on May 15, 2025.1The Executive Board may extend thesedeadlines as it may determine. 2.This paper proposes another six-month extension of the period forconsent to the quota increases and the NAB rollback under the 16thGRQ.Suchextension will also extend the period of consent to the quota increases under the 14thGRQ (Resolution No. 79-1).2 EXTENSION OF THE PERIOD FOR CONSENT 3.Effectiveness of the quota increases and the NAB rollback require a highlevel of consents.In particular, no increase in a member’s quota will become effectiveuntil: (i) the Executive Board has determined that members having not less than 85percent of the total quotas as of November 7, 2023, have consented in writing to theincreases in their quotas, and (ii) the Executive Board has determined that consentsfrom the NAB participants representing not less than 90 percent of total credit EXTENSION OF THE PERIOD FOR CONSENT UNDER THE 16THGRQ AND NAB ROLLBACK arrangements have been received to allow for the rollback of their NAB credit arrangements.3 4.Consents received so far fall short of meeting the conditions for the effectiveness ofthe quota increases under the 16thGRQ. As of April 30, 2025, 109 IMF members having 70.22percent of the total quotas on November 7, 2023, had provided their consents to their respectivequota increases under the 16thGRQ, and 37 NAB participants whose credit arrangements amount to78.70 percent of total NAB credit arrangements had provided consents to the rollback of NAB creditarrangements, including their own respective arrangements (Annex I). 5.Given the limited time available to reach the required consents before the current May15 deadline, this paper proposes to extend the period for consents by a further six months.4Under the proposal, the period for consents is to end at 6:00 p.m., Washington D.C. time, onNovember 15, 2025. The proposal for a six-month extension is consistent with the practice ofdeadline extensions in similar situations, for example under the 14thGRQ and the previous extensionunder the 16thGRQ. Proposed Decisions The following decisions, which may be adopted by a majority of the votes cast, are proposed foradoption by the Executive Board: Decision 1 – Extension of Consent Period for Quota Increases Under 16thGRQ Pursuant to paragraph 4 of Resolution No. 79-1,Sixteenth General Review of Quotas andRollback of Credit Arrangements under the New Arrangements to Borrow (NAB), the Executive Boarddecides that notices of consent from members to increases in their quotas must be received in theFund before 6:00 p.m., Washington D.C. time, on November 15, 2025. Decision 2 – Extension of Consent Period for NAB Rollback Pursuant to paragraph 2 of Decision No. 17665-(24/11), the Executive Board decides that thedeadline after which the proposed change to the credit arrangement of a non-consentingparticipant will be deemed to have been withdrawn shall be changed to November 15, 2025. Annex I. Status of Consents to the Quota Increase andthe NAB Rollback 1.Status of quota consents.As of April 30, 2025, 109 IMF members having 70.22 percent ofthe total quotas on November 7, 2023, had provided their consents in writing to the proposedquota increase under the 16thGRQ. As of the same date, a total of 82 IMF members had yet toprovide consent