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 TOINCREASE QUOTAS UNDER THE SIXTEENTH GENERALREVIEW OF QUOTAS AND TO THE NAB ROLLBACK NOVEMBER2025 IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following documents have •TheStaff Report, prepared by IMF staff and completed on October 31, 2025 for theExecutive Board’s consideration on Lapse of Time Basis by November 7, 2025. The IMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports and 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 OF October 31, 2025 Approved ByBernard Lauwers (FIN) Prepared bythe Finance (FIN) Department, in consultation withLegal (LEG), Strategy, Policy and Review (SPR), and Secretary’s 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, 2.This paper proposes a further six-month extension of the period forconsent to the quota increases and the NAB rollback under the 16thGRQ.Such EXTENSION OF THE PERIOD FOR CONSENT 3.Effectiveness of the quota increases and the NAB rollback requires ahigh level of consents.In particular, no increase in a member’s quota will becomeeffective until: (i) the Executive Board has determined that members having not less arrangements have been received to allow for the rollback of their NAB credit arrangements. 4.Consents received so far fall short of meeting the conditions for the effectiveness of the quota increases under the 16thGRQ. As of October 29, 2025, 132 IMF members having72.78 percent of the total quotas on November 7, 2023, had provided their consents to theirrespective quota increases under the 16thGRQ, and 38 NAB participants whose credit arrangements 5.Given the limited time available to reach the required consents before the currentNovember 15 deadline, this paper proposes to extend the period for consents by a further sixmonths.4Under this proposal, the period for consents is to end at 6:00 p.m., Washington D.C. time, Proposed Decisions The following decisions, which may be adopted by a majority of the votes cast, are proposed for Decision 1 – Extension of Consent Period for Quota Increases Under the 16thGRQ Pursuant to paragraph 4 of Resolution No. 79-1,Sixteenth General Review of Quotas and Decision 2 – Extension of Consent Period for NAB Rollback Pursuant to paragraph 2 of Decision No. 17665-(24/11), the Executive Board decides that the Annex I. Status of Consents to the Quota Increase and 1.Status of quota consents.As of October 29, 2025, 132 IMF members having 72.78 percentof the total quotas on November 7, 2023, had provided their consents in writing to their respectivequota increases under the 16thGRQ. As of the same date, a total of 59 IMF members had yet to Source: IMF Finance Department.1/ As of October 29, 2025.2/ Total paid-in quota as of November 7, 2023. 2.Status of NAB rollback consents.As of October 29, 2025, 38 NAB participants,representing 83.90 percent of total NAB credit arrangements, had provided valid and verifiedconsents to the rollback of NAB credit arrangements, including their own respective arrangements. Annex II. Status of Creditors’ Consents to the Extensions 1.The Fund is adequately resourced at the current juncture, with the majority of the2020 BBAs extended beyond end-2024.The extension is part of the transitional arrangements,approved by the Executive Board in March 2024, seeking to maintain the Fund’s lending capacity 2.As of October 29, 2025, 36 creditors representing 85.97 percent of the totalcommitments under the 2020 BBAs had completed the consent procedure, making theamendment of their 2020 BBAs effective. Among the creditors that had consented, 7 had their2020 BBA terms extended until the general conditions for the effectiveness of quota increases underthe 16thGRQ have been met; the remaining 29 had the terms of their 2020 BBAs extended until the