International Monetary Fund (IMF) Quota

International Monetary Fund (IMF) executive board approves 50% quota increase to strengthen resources following the guidance from the International Monetary and Financial Committee (IMFC) at the 2023 annual meetings.

Quotas are the building blocks of the IMF’s financial and governance structure which are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account.
Reflection – An individual member country’s quota broadly reflects its relative position in the world economy.
Usage of IMF Quotas

Currently, India has a quota of special drawing rights (SDR) 13,114.4 million which denotes a share of 2.75%, making it the 8^th largest quota-holding country in the IMF. Based on the quota, India has 132,063 votes, which denotes a share of 2.63%.

Quota revival – The IMF’s board of governors conducts general reviews at least every 5 years.

Any changes in IMF quotas require approval by 85% of the total voting power, and a member’s own quota cannot be changed without its consent.

Significance of quota increase – It would enhance the IMF’s permanent resources and strengthen the quota-based nature of the fund by reducing the reliance on borrowing.

It would safeguard global financial stability and respond to members’ potential needs in an uncertain and shock-prone world.

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