International Monetary and Financial Committee (IMFC) chair Nadia Calvino leaves after a press conference during the annual meeting of the International Monetary Fund and the World Bank, following last month’s deadly earthquake, in Marrakech, Morocco, October 14, 2023. REUTERS/Susana Vera Acquire Licensing Rights
MARRAKECH, Morocco, Oct 14 (Reuters) – International Monetary Fund members on Saturday pledged to complete a review of quota funding by Dec. 15, voicing support for an increase that at least maintains the IMF’s overall lending resources as bilateral borrowing arrangements expire.
A statement issued by the Fund’s steering committee chair, Spanish economy minister Nadia Calvino, also called for proposals to change the Fund’s shareholding formula by June 2025. The statement did not specify any funding amounts but left the door open to a potential near-term funding increase without changes in near-term shareholding.
“In order to maintain the Fund’s current resource envelope until a quota increase becomes effective, we call on the Executive Board to propose transitional arrangements,” the statement said.
Reporting by David Lawder; editing by Diane Craft
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