Nadio Calvino, the Chair of the IMF’s steering committee and the Economy Minister of Spain, stated that by the end of this year, there will be a “meaningful increase” in regards to lending resources.
The members of the International Monetary Fund pledged on Saturday, October 14, 2023, that they will complete a review of the funding of quotas by December 15, 2023.
The statement issued by the Chair of the IMF’s steering committee :
According to a statement issued by the chair of the IMF’s steering committee, Nadio Calvino, the members called for proposals to make differences and changes in the Fund’s shareholding formal by June 2025. There were no specifications in regards to the funding amounts in the statement but ostensibly doors were left open to a potential near-term increase in funding without changes in near-term shareholding.
The members of the International Monetary Fund also pledged to complete a review of the funding of quotas by December 15, 2023.
Nadio Calvino also stated in a news conference that the steering committee of the International Monetary Fund agreed over common priorities in order to safeguard financial stability. No joint communique was issued by the steering committee but there was a unanimous agreement over “core issues”, as stated by the Chair.
Reportedly, there were also disagreements over conflict language, despite several member countries condemning both – Russia’s invasion of Ukraine and the killings of civilians in Israel and Gaza.
The governing body of the World Bank was also unable to issue a joint communique. However, in a statement, the Development Committee Chair, UAE, noted that most members supported the language of G20 leaders on the war in Ukraine.
The Development Committee of the World Bank also formally endorsed its new vision “to create a world free of poverty on a livable planet” . This new vision is aimed at expanding the World Bank’s mission in regards to pandemics, climate change, fragile states and several other global challenges.