Armenia`s government approves 50% increase in IMF country quota 

ArmInfo. On February 6, the Armenian Cabinet, on behalf of the Republic of Armenia, gave its consent to increase the RA quota based on the 16th General Review of Quotas adopted by the Board of Governors of the International Monetary Fund (IMF).

As reported on the IMF website, the Board of Governors of the  International Monetary Fund completed the 16th General Review of  Quotas on December 15, 2023, and approved an increase in the quotas  of IMF member countries by 50% (SDR 238.6 billion, or US$320  billion), bringing the total quota to SDR 715.7 billion (US$960  billion).

<This decision will reduce the Fund's dependence on borrowed  resources, restore the primary role of quotas in our lending  capacity, and strengthen the IMF's role at the center of the global  financial safety net. It will also strengthen the IMF's ability to  promote global financial stability and respond to the potential needs  of its member countries in an uncertain and turbulent world," IMF  Managing Director Kristalina Georgieva said in connection with the  plan's approval.

"I look forward to the timely implementation of this important  agreement by the membership."

As stated in the explanation to the decision of the RA government,  the review was proportional in nature, and all IMF member states were  offered to subscribe to a 50% increase in their quota.

Currently, the quota of the Republic of Armenia in the IMF is 128.8  million SDR (Special Drawing Rights), which is 0.03% of the total IMF  quota, according to which the Republic of Armenia has 0.05% of the  votes in the IMF Board of Governors. As a result of the 16th review  of IMF quotas, the quota of the Republic of Armenia is also proposed  to be increased by 50% to 193.2 million SDR.

The quota will be paid from the Central Bank.