IMF board approves plan to boost lending resources without shareholding changes

The International Monetary Fund said on Tuesday its executive board approved a proposal for a 50% increase in quota resources to be contributed by member countries in proportion to their current IMF shareholdings.

The proposal would largely follow a U.S.-backed plan that would enhance IMF lending resources but delay any IMF shareholding increases for China, India, Brazil and other fast-growing emerging market economies. But the IMF said the board requested an accelerated timetable for developing options to guide realignment of the Fund's quota formula by June 2025.