Voting Majorities in the Fund: Effects of Second Amendment of the Articles

Author: International Monetary Fund

Publication date: January 1977

ISBN: 9781451946857

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Business and Economics , Banks and Banking , Money and Monetary Policy , PAM , special majority , voting power , majority of the vote , two-thirds majority , unanimous vote , unit of account , reserve asset , total voting power , Currencies , International monetary system , Gold , Reserve assets , Bank resolution , Global

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Summary

This paper discusses the voting majorities prescribed by the Second Amendment of the Articles for the adoption of decisions by the IMF. The IMF is an international organization in which member states do not have the same voting power. Under the original Articles of Agreement, each member had 250 basic votes and one additional vote for each part of its quota equivalent to 100,000 U.S. dollars of fixed gold value, namely, dollars of the weight and fineness in effect on July 1, 1944. The same formula will apply after the second amendment becomes effective, except that the special drawing right, as the IMF’s unit of account, will be substituted expressly for the U.S. dollar of 1944.