Fifteenth General Review of Quotas—Further Considerations

The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. The quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. The paper also takes stock of recent discussions on the quota formula and provides further technical work on variability and PPP GDP. It provides an overview of approaches to quota adjustments that have facilitated the required broad consensus for changes in quotas in previous general reviews. A limited set of simulations illustrates the potential impact that different quota increases, quota formulas, and allocation mechanisms would have on the distribution of actual quota shares.