IMF sees deal to boost quota lending resources as 'vital' to global economy

The International Monetary Fund believes it is "vital" for its shareholders to reach a deal this year to increase its quota-based lending resources to deal with growing global economic shocks, IMF spokesperson Julie Kozack said on Thursday.

Kozack told a regular press briefing that the Fund's quota review will be a hot topic at the IMF-World Bank annual meetings next month in Marrakech, Morocco. This will include a U.S. proposal for IMF member countries to contribute more quota funds in proportion to their current shareholdings, without altering the current formula, she said.