Quota subscriptions are a central component of the IMF’s financial
resources. Each member country of the IMF is assigned a quota, based broadly on
its relative position in the world economy. A member country’s quota determines
its maximum financial commitment to the IMF, its voting power, and has a
bearing on its access to IMF financing.
Doubling
of quotas and major realignment of quota shares
On
December 15, 2010, the Board of Governors, the Fund’s highest decision-making
body, approved a package of far-reaching reforms of the Fund’s quotas and
governance, completing the 14th General Review of Quotas. Once the reform
package is approved by member countries (it includes an amendment to the
Articles of Agreement that requires acceptance by three-fifths of the members
having 85 percent of the total voting power) and implemented, it will
result in an unprecedented 100 percent increase in total quotas and a
major realignment of quota shares to better reflect the changing relative
weights of the IMF’s member countries in the global economy.
The
reform package builds on the 2008 reforms, which became effective on March 3,
2011. The 2008 reforms strengthen the representation of dynamic economies, many
of which are emerging market countries, through ad hoc quota increases for 54
member countries, and enhance the voice and participation of low-income
countries through a near tripling of basic votes.
The
14th General Review of Quotas will:
·
double quotas from approximately SDR 238.5 billion to
approximately SDR 477 billion, (about US$715 billion at current
exchange rates).
·
shift more than 6 percent of quota shares from
over-represented to under-represented member countries.
·
shift more than 6 percent of quota shares to dynamic
emerging market and developing countries (EMDCs).
·
significantly realign quota shares. China will become the
3rd largest member country in the IMF, and there will be four EMDCs
(Brazil, China, India, and Russia) among the 10 largest shareholders in
the Fund, and
·
preserve the quota and voting share of the poorest member
countries. This group of countries is defined as those eligible for the
low-income Poverty Reduction and Growth Trust (PRGT) and whose per capita
income fell below US$1,135 in 2008 (the threshold set by the International
Development Association) or twice that amount for small countries.
A
comprehensive review of the current quota formula was completed in January
2013, when the Executive Board submitted its report to the Board of Governors.
The outcome of this review will form a basis for the Executive Board to agree
on a new quota formula as part of the 15th Review. Completion of the 15th
General Review of Quotas has been brought forward by about two years to January
2014.
How
member countries’ quotas are determined
When
a country joins the IMF, it is assigned an initial quota in the same range as
the quotas of
existing members that
are broadly comparable in economic size and characteristics. The IMF uses a
quota formula to guide the assessment of a member’s relative position.
The
current quota formula is a weighted average of GDP (weight
of 50 percent), openness (30 percent), economic variability (15 percent), and
international reserves (5 percent). For this purpose, GDP is measured through a
blend of GDP—based on market exchange rates (weight of 60 percent)—and on PPP
exchange rates (40 percent). The formula also includes a “compression factor”
that reduces the dispersion in calculated quota shares across members.
Quotas
are denominated in Special Drawing Rights (SDRs),
the IMF’s unit of account. The largest member of the IMF is the United States,
with a current quota of SDR 42.1 billion (about $64 billion), and the smallest
member is Tuvalu, with a current quota of SDR 1.8 million (about $2.7 million).
Quotas
play several key roles in the IMF
A
member's quota delineates basic aspects of its financial and organizational
relationship with the IMF, including:
Subscriptions (quota share). A member's quota subscription determines the maximum amount of financial resources the member is obliged to provide to the IMF. A member must pay its subscription in full upon joining the Fund: up to 25 percent must be paid in SDRs or widely accepted currencies (such as the U.S. dollar, the euro, the yen, or the pound sterling), while the rest is paid in the member's own currency.
Subscriptions (quota share). A member's quota subscription determines the maximum amount of financial resources the member is obliged to provide to the IMF. A member must pay its subscription in full upon joining the Fund: up to 25 percent must be paid in SDRs or widely accepted currencies (such as the U.S. dollar, the euro, the yen, or the pound sterling), while the rest is paid in the member's own currency.
Voting
power (voting share). The quota largely determines a member's
voting power in IMF decisions. Each IMF member’s votes are comprised of basic
votes plus one additional vote for each SDR 100,000 of quota. The 2008 reform
fixed the number of basic votes at 5.502 percent of total votes. The current
number of basic votes represents close to a tripling of the number prior to the
effectiveness of the 2008 reform.
Access
to financing. The amount of financing a member can obtain from the IMF (its
access limit) is based on its quota. For example, under Stand-By and
Extended Arrangements, a member can borrow up to 200 percent of
its quota annually and 600 percent cumulatively. However, access may be
higher in exceptional circumstances.
How
quota reviews work
The
IMF's Board of
Governors conducts
general quota reviews at regular intervals (usually every five years). Any
changes in quotas must be approved by an 85 percent majority of the total
voting power, and a member’s quota cannot be changed without its consent. There
are two main issues addressed in a general quota review: the size of an overall
increase and the distribution of the increase among the members. First, a
general quota review allows the IMF to assess the adequacy of quotas both in
terms of members’ balance of payments financing needs and in terms of its own
ability to help meet those needs. Second, a general review allows for increases
in members’ quotas to reflect changes in their relative positions in the world
economy. Ad hoc increases outside general reviews do not occur often, but the
increases in quotas for 54 member countries approved under the 2008 Reform are
a recent example.
General Quota Reviews
| Quota Review | Resolution Adopted | Overall Quota Increase (percent) |
| First Quinquennial | No increase proposed | --- |
| Second Quinquennial | No increase proposed | --- |
| 1958/59 1 | February and April 1959 | 60.7 |
| Third Quinquennial | No increase proposed | --- |
| Fourth Quinquennial | March 1965 | 30.7 |
| Fifth General | February 1970 | 35.4 |
| Sixth General | March 1976 | 33.6 |
| Seventh General | December 1978 | 50.9 |
| Eighth General | March 1983 | 47.5 |
| Ninth General | June 1990 | 50.0 |
| Tenth General | No increase proposed | --- |
| Eleventh General | January 1998 | 45.0 |
| Twelfth General | No increase proposed | --- |
| Thirteenth General | No increase proposed | --- |
| Fourteenth General | December 2010 | 100.0 |
Bayar Utang IMF Rp38,1 Triliun, BLSM Hanya Rp9,3 Triliun. Sungguh Ironis!
RIMANEWS-Citra internasional nampaknya lebih diprioritaskan oleh Pemerintah Indonesia dibandingkan nasib bangsa sendiri. Hal ini diungkapkan oleh Forum Indonesia untuk Transparansi Anggaran (Fitra) setelah melihat data penyaluran dana kompensasi Bantuan Langsung Sementara Masyarakat (BLSM) sebesar Rp9,3 triliun.
"Dana BLSM jauh di bawah dana yang disetor pada lembaga moneter internasional (IMF) sekitar Rp38,1 triliun," ujar Direktur Investigasi dan Advokasi Fitra Uchok Sky Khadafi, Minggu (16/6).
"Pemerintah lebih peduli kepada IMF daripada orang-orang miskin," ujarnya dalam keterangan tertulisnya di Jakarta, Minggu (16/6).
Pemerintah melalui surat Menteri Keuangan kepada Gubernur BI Nomor S-303/MK.01/2012 tertanggal 12 april 2013, akan tetap membayar kenaikan kuota ke 14 ini. Saat Ini, pemerintah c.q. Kementerian Keuangan bekerjasama dengan Bank Indonesia (BI) sedang melakukan revisi PP No.1 tahun 1967, guna menjadi dasar hukum bagi bank sentral untuk melakukan pembayaran atas kenaikan kuota tersebut.
Pelaksanaan Revisi PP No.1 Tahun 1967 telah mendapat persetujuan presiden, sesuai dengan surat menteri sekretaris negara Nomor B-958/M.Sesneg/D-4/PU.02/07/2012 tanggal 23 Juli 2012.
"Pembayaran kouta ke 14 sebesar Rp38,1 triliun dilakukan BI dengan menggunakan cadangan devisa dan tidak akan membebani APBN," tuturnya. [ach/akt]
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