TODAY.AZ / Business

Azerbaijan greatly increases IMF quota

09 February 2016 [14:03] - TODAY.AZ

Azerbaijan has increased quota in the International Monetary Fund (IMF) from 160.9 million SDR ($224.34 million) to 391.7 million SDR ($546.14 million), a statement posted on the IMF’s website says.

The quota was increased as part of the 14th General Review of Quotas.
Some 44 percent (173.1 million SDR or 377.7 million manat) of Azerbaijan’s quota may be placed in the national currency.

According to the IMF report, Azerbaijan has already agreed an increase in quota, but it has not yet set the date of its share payment.
As a result of increasing the quota of each of 188 IMF member-states, total contributions increased from 238.5 billion SDR ($ 329 billion) to 477 billion SDR ($659 billion).

The IMF largest member-state is the US with a quota of 82.9 billion SDR. The IMF smallest member-state is Tuvalu with a quota of 2.5 million SDR.
Quotas are denominated in Special Drawing Rights (SDR) - the IMF's unit of account.

The quota contributions are an important source of the IMF financial resources. A quota is assigned for each IMF member-state. It is broadly based on its relative position in the world economy. The quota of the member-state determines a maximum amount of its financial commitments to the IMF and its number of votes and also affects the country's access to the IMF financing.

When a country is joining the IMF, an initial quota is set in the same amount as the quotas of existing member-states. They are broadly comparable with it on the scale and characteristics of the economy.

/By Trend/

URL: http://www.today.az/news/business/147677.html

Print version

Views: 1297

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: