INTERNATIONAL MONETARY FUND Quotas—Updated Calculations Prepared by the Finance Department In consultation with other departments Approved by Michael G. Kuhn August 4, 2006
I.
Introduction....................................................................................................................2
II.
The Data Set...................................................................................................................2
III.
Updated Quota Calculations ..........................................................................................3
Text Table 1. Distribution of Quotas, Calculated Quotas, and Updated Quota Formula Variables ....5 Appendices I. Existing Quota Formulas ...............................................................................................6 II. Selection of the Database, Derivation of Quota Variables, and Other Issues................7 III. Adjustments to the Quota Database.............................................................................14 Boxes 1. Quota Formulas—Specification of Alternative Variables.............................................3 A1. Methodological Issues .................................................................................................11 Statistical Tables A1. Data Used for Quantification of Quota Formulas........................................................17 A2. Quotas and Updated Variables by Member .................................................................24 A3. Adjustments for Re-Exports ........................................................................................31
2 I. INTRODUCTION1 1. The purpose of this paper is to present the results of updating the data set used for quota calculations through 2004. This updated data set will provide the basis for discussions on possible adjustments in the distribution of quotas in the period leading up to the Annual Meetings.2 The paper is organized as follows: Section II describes the methodologies used to update the data set. Section III discusses the impact of the data update on the distribution of calculated quotas among major country groups. More detailed information on the methodology used and results of the updated quota calculations are presented in the appendices. II. THE DATA SET 2. Staff has updated the data set used for quota calculations for 184 members through 2004. The updated data set for individual members is presented in Table A1 (Statistical Appendix) both for the traditional economic and financial variables used in the existing five formulas3 and for alternative variables that have been discussed by the Executive Board. •
The data were drawn mainly from International Financial Statistics (IFS) and the World Economic Outlook (WEO).4 Missing data series were computed based on staff reports, and in a few instances, country desk data and data from the Eleventh General Review of Quotas.5
•
Data adjustments were made for a subset of members with significant re-exports, international banking interest (IBI), and/or transactions in non-monetary gold. Such adjustments have been made in previous quota reviews at the point at which consideration is being given to adjustments in members’ quotas.6
1
This paper was prepared by a staff team led by Ydahlia Metzgen and including Sheila Bassett, Sherwyn Williams, and Helga Treichel with input from Michael Pedroni. 2
At its Spring Meetings, the International Monetary and Financial Committee (IMFC) underscored the role an ad hoc increase in quotas could play in improving the distribution of quotas and agreed on the need for fundamental reforms. The Committee called upon the Managing Director to work with the IMFC and Executive Board to come forward with concrete proposals for agreement at the Annual Meetings.
3
See Appendix I for details on the five existing formulas.
4
For details of compilation and composition of the data, see Appendix II.
5
In consultation with area departments, it was agreed that Eleventh General Review data would be used for Somalia and as input for the calculation of variability for Afghanistan.
6
See Alternative Quota Formulas—Considerations (9/27/01, www.imf.org), pp. 25–26.
3 3. The adjustments to the balance of payments data affect the quota calculations for 27 members.7 Fifteen countries were adjusted for re-exports,8 13 countries (comprising the G-10 plus Luxembourg and China, P.R., and Hong Kong SAR) were adjusted for IBI; and 3 countries (Japan, Switzerland, and United States) were adjusted for transactions in non-monetary gold. Details are provided in Appendix III. 4. Alternative variables measuring GDP and variability that have been considered by the Board were also updated (Box 1). These variables are the three-year average of GDP at market prices and variability of current receipts and net capital flows.9 The updated data for these variables are reported in Table 1 (and Tables A1 and A2).
Box 1. Quota Formulas—Specification of Alternative Variables At the most recent discussion on this issue, in September 2005, most Directors reconfirmed that a revised formula should be based on an updating of the traditional economic and financial variables, and comprise at most four variables.1 These variables include GDP as the most important indicator of economic size, a measure of openness, variability, and official international reserves. Directors have generally agreed that the three-year average of GDP at market prices is the most important variable to be included in any new formula as an indicator of countries' economic size and of their potential to either provide resources to the Fund or use Fund resources. Directors have also generally agreed that variability be specified as deviations from a three-year average, which would serve to smooth trends while adequately capturing fluctuations in capital flows.2 1/ See The Chairman’s Concluding Remarks: Quota and Voice—Further Considerations (9/22/05, www.imf.org). 2/ See Public Information Notice: IMF Executive Board Discusses Quota Formulas (6/14/02, www.imf.org).
III. UPDATED QUOTA CALCULATIONS 5. The existing five formulas were used with the updated data set to estimate calculated quotas and quota shares for all members. The results for country groups and for individual members are shown in Table 1 and Table A2, respectively.
7
The adjustments were made in close collaboration with area departments.
8
Afghanistan, Barbados, China, P.R., and Hong Kong SAR, Cyprus, Dominican Republic, El Salvador, Fiji, Grenada, Kenya, Maldives, Panama, Seychelles, Singapore, St. Lucia, and United Arab Emirates. 9
See the Chairman’s Concluding Remarks: Quotas and Voice—Further Considerations (9/22/05, www.imf.org). See also Public Information Notice: IMF Executive Board Informally Discusses Quota Formulas (11/7/01, www.imf.org) and Public Information Notice: IMF Executive Board Discusses Quota Formulas (6/14/02, www.imf.org).
4 6. The overall distribution of calculated quota shares for the main country groups is broadly similar to that presented previously using illustrative data through 2003.10 The share of the advanced economies declines by about half of a percentage point, but remains well above their actual quota share, while there is an increase of similar magnitude for the transition economies (see Table 1). Developing countries as a group register little change in their calculated quota share relative to the previous illustrative calculations, with increases for all the subgroups except Asia. The decline in the aggregate calculated quota share for Asia reflects mainly the impact of the adjustments to current receipts and payments for re-exports. For both the developing and transition economy groups, their calculated quota shares remain below their share in actual quotas. This also remains the case for the major regional sub-groups, except Asia, which continues to be significantly under-represented relative to calculated quotas based on the updated and adjusted data set.
10
See Quotas and Voice—Further Considerations (9/2/05, www.imf.org).
100.0
100.0
5.3
27.6 2.4 15.3 4.7 5.2
67.1 47.3 16.8 19.8
Existing Five Formulas 2/
100.0
4.7
27.7 2.3 15.8 4.5 5.1
67.6 47.9 17.2 19.6
Existing Five Formulas (previous) 3/
100.0
3.4
19.7 1.6 10.3 2.9 5.0
76.9 64.9 30.3 12.0
GDP 4/ 2002-04
100.0
5.2
24.8 2.0 13.8 3.8 5.1
70.0 49.0 15.8 21.0
100.0
6.7
32.0 4.1 13.5 6.3 8.1
61.3 43.1 20.4 18.2
Openness 5/ 6/ Variability 4/ 7/ 2000-04 1992-2004
100.0
7.9
48.8 3.3 33.2 5.8 6.5
43.3 34.4 2.7 9.0
Reserves 5/ 8/ 2004
1/ For the three countries that have not yet consented to, and paid for, their quota increases, Eleventh Review proposed quotas are used. 2/ Based on 1992–2004 data and computed as traditionally specified. Reflects the impact of adjustments to current receipts and payments for re-exports, international banking interest, and non-monetary gold. 3/ Based on 1991–2003 illustrative data and computed as traditionally specified. Does not include adjustments to current receipts and payments for re-exports, international banking interest, and non-monetary gold. See Quotas and Voice—Further Considerations (9/02/05, www.imf.org), p.11. 4/ The variables shown here differ from the formulation used in the existing quota formulas (see Box 1). 5/ Traditionally specified variable as used in the existing formulas. 6/ Average sum of current receipts and payments, adjusted for re-exports, international banking interest, and non-monetary gold. 7/ Variability of current receipts and net capital inflows, measured as a standard deviation from centered three-year trend. 8/ Average international reserves in 2004 based on end-month data. 9/ Including Korea and Singapore.
Sources: Finance and Statistics Departments.
Total
7.5
30.9 5.5 10.3 7.6 7.5
Developing countries Africa Asia 9/ Middle East, Malta and Turkey Western Hemisphere
Transition economies
61.6 46.0 17.4 15.6
Advanced economies Major advanced economies Of which: United States Other advanced economies
Actual Quotas 1/
(In percent)
Table 1. Distribution of Quotas, Calculated Quotas, and Updated Quota Formula Variables
5
6 Appendix I. Existing Quota Formulas Quota formulas have evolved over time. A formula that was used in 1944 as a basis for determining the broad configuration of the initial quota distribution became known as the Bretton Woods formula. This formula contained five variables: national income, official reserves, imports, export variability, and the ratio of exports to national income. A multiformula approach was introduced in the early 1960s, when the Bretton Woods formula was supplemented with four other formulas containing the same basic variables but with larger weights for external trade and external variability. The quota formulas were last modified in the context of the Eighth General Review (1982/83) but their basic structure was retained (for a more comprehensive overview of quota formulas, see Alternative Quota Formulas— Considerations, Annex II, (9/27/01, www.imf.org)). The current five formulas, used from the Eighth to the Eleventh Reviews, are: Bretton Woods: Q1 = (0.01Y + 0.025R + 0.05P + 0.2276VC) (1 + C/Y); Scheme III:
Q2 = (0.0065Y + 0.0205125R + 0.078P + 0.4052VC) (1 + C/Y);
Scheme IV:
Q3 = (0.0045Y + 0.03896768R + 0.07P + 0.76976VC) (1 + C/Y);
Scheme M4:
Q4 = 0.005Y + 0.042280464R + 0.044 (P + C) + 0.8352VC;
Scheme M7:
Q5 = 0.0045Y + 0.05281008R + 0.039 (P + C) + 1.0432VC;
where: Q1, Q2, Q3, Q4 and Q5 = Calculated quotas for each formula; Y = GDP at current market prices for a recent year; R = twelve-month average of gold, foreign exchange reserves, SDR holdings and reserve positions in the IMF, for a recent year; P = annual average of current payments (goods, services, income, and private transfers) for a recent five-year period; C = annual average of current receipts (goods, services, income, and private transfers) for a recent five-year period; and VC = variability of current receipts, defined as one standard deviation from the centered five-year moving average, for a recent 13-year period. For each of the four non-Bretton Woods formulas, quota calculations are multiplied by an adjustment factor so that the sum of the calculations across members equals that derived from the Bretton Woods formula. The calculated quota of a member is the higher of the Bretton Woods calculation and the average of the lowest two of the remaining four calculations (after adjustment).
7 Appendix II. Selection of the Database, Derivation of Quota Variables, and Other Issues11 1. This appendix discusses the required data, the selection of the database, and the derivation of the data series that were used for the quota calculations. Required Data 2. The quantification of existing and alternative quota variables used in this paper requires the following data for 184 member countries (converted into SDRs as the common denominator): •
GDP (Gross Domestic Product), for three years (2002–04).
•
Current receipts (goods, services, income, and current transfers12) for 13 years (1992–2004). Current receipts are defined as the credit component of all economic transactions between resident and nonresident entities other than those relating to financial transactions and reserves.
•
Current payments (goods, services, income, and current transfers13) for five years (2000–04). Current payments are defined as the debit component of all economic transactions between resident and nonresident entities other than those relating to financial transactions and reserves.
•
Net capital flows for 13 years (1992–2004). Capital flows relate to cross-border transactions in all foreign financial assets and liabilities except reserve assets, Fund credit and loans, and exceptional financing.
•
Official reserves (average over the 12 months of 2004), defined as the sum of foreign exchange, SDR holdings, reserve position in the Fund, and monetary gold valued at SDR 35 per fine troy ounce.
3. Errors and omissions have not been included in the measure of variability of current receipts and net capital flows. In many analytical presentations of the balance of payments, errors and omissions are considered financing flows and included with short-term capital. However, errors and omissions are, by definition, a residual item, which reflects recording errors that cannot be ascribed to any particular balance of payments category and staff does
11
Balance of payments and GDP data for the updated quota calculations were compiled by STA in coordination with FIN. The STA team comprised Qi He, Paul Austin, Lisbeth Rivas, Olga Laveda, and Dwayne Raiford.
12
The current Balance of Payments Manual, fifth edition (BPM5) distinguishes current and capital transfers, unlike the earlier fourth edition (BPM4) that included all transfers in the current account. Accordingly, to help ensure comparability with previous quota calculations, both current and capital transfers–excluding exceptional financing–are included here in the current account.
13
Ibid.
8 not believe that recording errors should be a factor in determining quotas. This is fully in line with the definition of capital flows in the balance of payments manual. 4. At the same time, Fund credit and loans, and exceptional financing have been excluded from the variability measure for the same reason that reserve changes have been excluded. Such transactions, including Fund borrowing, payment arrears, and debt forgiveness or rescheduling, represent exceptional measures undertaken to finance balance of payments needs. Exceptional financing flows are normally shown “below the line” because they are not autonomous transactions affecting the balance of payments position of a country. For these reasons, the staff believes that these transactions should not be included in the variability measure. 5. Along these same lines, transactions in both reserve assets and liabilities should, in principle, be excluded from net capital flows so that only autonomous, and not financing, flows are captured. Data on transactions in reserve assets are available for most members in IFS and have been excluded from net capital flows. However, because of the continuing lack of data on reserve liabilities for many members (reserve liabilities are not a standard component in BPM5), changes in reserve liabilities have not been excluded from the measure of net capital flows in this paper. Data Sources 6. The database containing the variables used in the quota calculations would ideally have the following attributes: it should be comprehensive; i.e., contains all required data— compiled in line with internationally accepted concepts and definitions—for all members; the data would be from official sources (central banks and national statistical agencies); and the data would be comparable (consistent and coherent) across time and countries. This would ensure similar treatment for all countries’ data and facilitate the comparability of results in a transparent manner. It would also be helpful if the database could be updated without major additional use of staff resources. 7. As in past quota updates, the main source of data used in the quota calculations was the Fund’s central macroeconomic database of country, regional, and global statistics. This database is managed by the Statistics Department (STA) for international statistical cooperation and publication purposes, and to support the Fund’s surveillance and use of Fund resources functions. This database, which encompasses a number of component databases and is collectively known as the Economic Data Facility (EDF), embodies the application of general methodological guidelines for the compilation of economic and financial data. These guidelines promote international comparability and methodological continuity in the database over time. The database is used to compile the Fund publication—IFS.14 8. The IFS data are reported to STA by central banks and national statistical agencies, and are based on internationally consistent definitions, such as the fifth edition of the 14
In this paper, the data drawn from the EDF are referred to as the IFS database, following the practice in past quota review papers.
9 Balance of Payments Manual (BPM5) and the 1993 System of National Accounts (SNA). STA makes an effort to compile these data into long time series that are consistent across time and countries. However, gaps exist in some of the data. For instance, there are some missing data for GDP and for current account transactions for more recent years and, as in the past, current receipts and payments data for early years in the case of transition countries are not available. Also, for many members there are data gaps in the capital account of the balance of payments. 9. Missing observations were largely supplemented using the WEO database.15 Although WEO data should reflect a presentation of the balance of payments that is consistent with the BPM5, the definition of balance of payments variables does not necessarily need to exactly conform to BPM5 until such time as (a) national compilers have revised the respective country’s balance of payments accounts or (b) the staff report for the country reflects the new definitions. 10. At the outset of the development of the database for the quota calculations, STA was aware that for some member countries there existed large differences between the IFS and the WEO data sets. As noted above, some of these differences are related to the use of different classification systems, i.e., use of a national presentation in WEO while the standardized BPM5 presentation was reported to STA. These data discrepancies between the two data sources may also have been influenced by the varying institutional, legal, and accounting contexts of data compilation across member countries (Box A1). Data Availability and Adjustments 11. The bulk of Fund members that report balance of payments statistics to STA (167 of the 184) do so on the basis of the BPM5. Data were prepared for current receipts and payments and net capital inflows (as defined above). Where members reported comprehensive balance of payments statistics to STA, the data stored in the IFS database were used without any adjustment. When data were not available for some members for the timeframe required for the quota calculations, estimates were made largely on the basis of the WEO. The estimation technique, or gap filling, extrapolates from nearby non-zero data based on growth rates in comparable (but not necessarily identical) WEO series.16 For members where neither IFS nor WEO data were available, FIN staff obtained data from Article IV staff reports, country desk, and the Eleventh Review databases. 12. The following sections describe for each of the data categories the general procedures employed by STA to construct the required database for the quota calculations.
15 16
The cut off date for both IFS and WEO data was January 31, 2006.
This method has been used to fill gaps for the purpose of publishing world and regional summary tables in the Balance of Payments Statistics Yearbook (BOPSY), Part 2, and was used in External Review of Quota Formulas—Quantification (4/12/2001, ww.imf.org).
10 Goods and services transactions 13. Data reported by members and maintained in IFS were used for each country. Where there were data gaps after the latest year of reporting to STA, estimates were made by applying the growth rates derived from the WEO for the missing year(s) to the latest reported annual data (debits and credits). When the data gaps were in respect of years prior to the latest reported data to STA, the WEO data were inserted for those years to complete the series. For countries where no data were reported to STA, available WEO data were used. 14. For the 184 member countries, the data source breakdown for credits for the period 1992-2004 is as follows: 99 are derived entirely from IFS reported data; 68 are derived from a combination of IFS and WEO estimates; 7 are derived entirely from WEO estimates; and 10 have neither IFS or WEO data available. The breakdown for debits for the period 2000–04 is as follows: 114 are derived entirely from IFS reported data; 39 are derived from a combination of IFS and WEO estimates; 21 are derived entirely from WEO estimates; and 10 have neither IFS nor WEO data available. Income and current transfers 15. Data reported by members and maintained in IFS were used for each country. Where there were data gaps estimates were derived using WEO data series. The adjustment procedure involved adding the change in the balance on transactions from the WEO data to the STA data of the previous year—credits if WEO showed a net credit balance or debits if a net debit balance was shown. Where there were gaps in the data prior to the latest reported data to STA, the net credit or the net debit figures from WEO were substituted directly to estimate income and current transfers credits and debits, respectively. 16. For the 184 member countries, the data source breakdown for credits for the period 1992–2004 is as follows: 99 are derived entirely from IFS reported data; 68 are derived from a combination of IFS and WEO estimates; 9 are derived entirely from WEO estimates; and 8 have neither IFS nor WEO data available. The breakdown for debits for the period 2000–04 is as follows: 114 are derived entirely from IFS reported data; 39 are derived from a combination of IFS and WEO estimates; 23 are derived entirely from WEO estimates, and 8 have neither IFS nor WEO data available.
11 Box A1. Methodological Issues With regard to GDP data, the System of National Accounts (1993 SNA) extended the scope of GDP slightly, adding in some instances, production of goods for own final use as well as including capital formation on mineral exploration, computer software, and artistic originals. Typically, this has resulted in an increase in reported GDP levels of up to 5 percent. By the beginning of 2001, about 50 members had adopted the 1993 SNA for reporting GDP data to the IFS. Some of them have revised historical data. The size of data inconsistencies across countries due to the revisions related to the 1993 SNA is likely to be smaller than other differences related to known measurement problems with GDP (e.g., under coverage of surveys). With regard to the current receipts and payments (goods, services, income, current transfers, and BPM5’s capital account), the BPM5 introduced changes in the conceptual presentation of balance of payments accounts. Broadly, the BPM5 strives to make a clear distinction between transactions and other changes in the accounts—valuation, reclassification, and other adjustments. The latter are included among adjustment items affecting the international investment position (IIP). Also, the BPM5 introduced a distinction between current and capital transfers to increase harmonization with the SNA. These methodologies have been only partially adopted by some of the membership, and it is not feasible to adjust the data so that they are defined consistently across countries. Data are taken as reported by member countries and the changes in methodology may have contributed to slight breaks in some series. With regard to financial account transactions, the accuracy of financial account data in many countries, including those in the IFS database, is uneven and the data are generally less comprehensive than the other data used for the quota formulas. This reflects classification and practical difficulties encountered by countries in compiling the data. Financial account data, particularly on the private nonbank sector, are generally difficult and resource intensive to compile. The switch from data collection systems based predominantly on government and balance sheet records to systems (particularly surveys) incorporating large nonbank private sector transactions has been slow. Many countries are still in the midst of adapting their collection and recording systems to take account of changes in the composition and magnitude of financial transactions, including new instruments such as financial derivatives. Institutional and accounting requirements for data compilation differ markedly across countries (for example, a recent summary of country reporting practices with respect to direct investment documents the number of gaps in recording and differences in treatment),1 and data availability on the private nonbank sector varies. In the IFS, in many instances, only aggregates and not component series are reported. With regard to official reserves, the Data Template on International Reserves and Foreign Currency Liquidity has been approved as the benchmark for the reporting of data to the Fund on official reserves. The Operational Guidelines for the Data Template, issued in 2001, clarify existing concepts on international reserves and provide guidelines for reporting the data on a consistent basis across countries. 1
See Foreign Direct Investment Statistics: How Countries Measure FDI, 2001, (IMF/OECD,10/29/2003, www.imf.org). In addition, individual country metadata for 54 of the countries that participated in the 2003 Survey of Implementation of Methodological Standards for Direct Investment has recently been posted on the Fund’s website.
12 “Capital account” transactions 17 17. The primary source for data on “capital account” transactions was the IFS data series. When IFS values were unavailable, the change in the WEO balance for that year was used to derive an estimate. The paucity of IFS “capital account” data may reflect the inclusion of capital transfers in current transfers by some members. In some cases, the use of the WEO data may have produced some duplication; i.e., use of WEO data for capital transfers, which may have been classified under current transfers in the IFS series. 18. For the 184 member countries, the data source breakdown for the period 1992-2004 is as follows: For the 99 members reporting data in IFS, when capital account information was not available, WEO data were used to derive an estimate, to the extent possible, as explained in paragraph 17. For the other 68 members, a combination of reported data in IFS and WEO data were used, to the extent possible. For the remaining 17 members, published WEO data were the source for 9 members, and no IFS or WEO data were available for 8 members. Net capital flows 19. The primary source for data on net capital flows is the IFS financial account data provided by member countries to STA. When IFS values were unavailable, a WEO value was used to fill the gaps, to the extent possible. For the 184 member countries, the data source breakdown for the period 1992–2004 is as follows: 99 are derived entirely from IFS reported data; 68 are derived from a combination of IFS and WEO estimates; 7 are derived entirely from WEO estimates; and 10 have neither IFS nor WEO data available. Official reserves 20. The data on official reserves—comprising monetary gold, SDR holdings, reserve position in the Fund, and foreign exchange holdings—were obtained from IFS with monetary gold valued at SDR 35 per fine troy ounce. In deriving annual average holdings of official reserves for 2004, the data for the 12 months of 2004 were summed and then divided by 12 (or by the number of months for which data were available). Gross domestic product 21. The IFS and WEO databases provided GDP data for 182 members. The IFS database is the source of data for 119 members, WEO data were used for 17 members, and WEO growth rates were applied to the latest IFS data to estimate missing data for 46 members. GDP data for 11 members that are compiled and reported on a fiscal year basis were first adjusted to calendar year basis by recalculating the annual GDP as an average of the quarters of the fiscal year.
17
“Capital account” (in quotation marks) refers to the capital account as defined in BPM5.
13 Valuation 22. The balance of payments and the GDP data series in U.S. dollars were converted to SDRs using period-average exchange rates. Missing data series 23. Data that were missing from IFS or WEO were obtained almost entirely from recent staff reports. The only country for which no data for recent years is available is Somalia. In this case, data for the various series were assumed unchanged from the Eleventh Review. Countries for which data for all variables were derived from the recent staff reports are Iraq, Liberia, the Marshall Islands, Palau, Serbia and Montenegro, and Timor Leste. Countries for which only reserves data were derived from staff reports are Democratic Republic of Congo, Kiribati, Turkmenistan, Uzbekistan, and Zimbabwe. For Micronesia, all variables except reserves were derived from staff reports. For San Marino all data except reserves and 2003 and 2004 current receipts and current payments were derived from staff reports. For Afghanistan, data on reserves and current payments were derived from staff reports. However, due to lack of historical data, the variability variable for Afghanistan was derived by applying the ratio of this variable to current receipts from the Eleventh Review to recent data on current receipts. Lastly, in the case of FYR Macedonia, only GDP data were derived from staff reports. Balance of payments data prior to 2002 for Belgium were estimated as the difference between data for the Belgium–Luxembourg Economic Union and Luxembourg. For China, P.R., and Hong Kong, SAR balance of payments data were adjusted for trade between the mainland and Hong Kong, SAR based on Direction of Trade database.
14 Appendix III. Adjustments to the Quota Database18 24. It has been a long-standing practice to make adjustments to the variables underlying quota calculations at the point at which discussions on actual quota increases reach a relatively advanced stage. This practice started with adjustment to re-exports in the current account data for Singapore in the Fifth General Review and has since been extended to cover additional countries as well as two additional transactions—international banking and nonmonetary gold exports/imports. 25. The general rationale for making these adjustments is to avoid distortions in the quota calculations, particularly given the importance of openness variables in the current quota formulas: •
The rationale for adjusting for re-exports is that when goods are imported and exported in the same state, the transactions are essentially facilitating transactions between non-residents, and except for any value added generated in the transaction, should not be counted in the country’s merchandise trade.
•
For international banking interest (IBI), the rationale for including only the net flows (see below) is that the gross flows are interest paid by and received by non-residents, which would unduly inflate income receipts and payments in the BOP.
•
The rationale for excluding transactions in non-monetary gold is similar to those for re-exports and IBI—these are transactions between non-residents and their inclusion has no bearing on the member’s economic size.
26. Re-exports: As noted, the initial data adjustments for re-exports were introduced in the context of the Fifth General Review (completed in 1970)19—with Singapore being the only country adjusted.20 The scope of the adjustments increased in subsequent reviews (Table A3). 27. In the database underlying the most recent calculations, current account data were adjusted for 15 countries for which re-exports are a significant share of total exports. The filter for identifying countries to be reviewed as candidates for adjustments was based on a ratio of re-exports exceeding 20 percent of total exports. Re-exports are defined as goods exported in the same state as previously imported—a definition used in the UN Comtrade database. Countries were identified for adjustment based on available data (in most cases from UN Comtrade), which were verified and supplemented by area departments. Adjustments were carried out only for those cases for which area departments confirmed that 18
The updated quota calculations were prepared by FIN in consultation with Area Departments. The FIN team comprised Messrs. Mandeng and Williams, Mmes. Bassett and Treichel, and Messrs. Khan, Schmittmann, and Pedroni.
19 20
See Press Release No. 788, 2/11/1970.
The issue of sizeable re-exports was well known and the membership process for Singapore had set the precedent by presenting quota calculations based on data adjusted for re-exports.
15 re-exports are significant. The actual adjustment was carried out by subtracting the value of imports used for re-exports from both current receipts and current payments,21 thereby retaining the value added contained in re-exported goods (e.g., transport, storage, etc.) in current receipts.22 28. International Banking Interest (IBI): Adjustments for IBI were introduced with the Ninth General Review (completed in 1990),23 triggered by a change in the reporting of current account data by the United Kingdom.24 IBI is defined as interest payments by nonresidents on their borrowing from domestic banks and by domestic banks on deposits held by non-residents. The actual adjustment was made by deducting the lower of gross interest paid and gross interest earned from current payments as well as current receipt—so that only net interest was recorded. Adjustments relied on data provided by the authorities and staff estimates in some cases. Countries selected for adjustment were those viewed as having significant international and/or offshore banking activities.25 29. Since the Ninth General Review, adjustments for IBI have been carried out for broadly the same group of countries—comprising mainly the G-10, which was viewed as covering countries with significant international banking activities.26 In the Ninth General Review, Panama was also adjusted for interest received and paid by international license banks. More recently, data for China, P.R., and Hong Kong SAR were adjusted for IBI in the context of the 2001 ad-hoc quota increase for China. 30. The data underlying the current calculations have been adjusted for IBI for the G-10 plus Luxembourg and China, P.R., and Hong Kong SAR in keeping with past practice. IBI flows are associated with specific IFS lines.27 Consistent with past practice, the actual adjustment was carried out by subtracting the smaller of interest paid and interest received from both current receipts and current payments, leaving IBI in the data on a net basis only. All countries adjusted report data to IFS.28 21
In cases where data for the value of imports used for re-exports were not available, the value of re-exports was deducted from both current receipts and current payments.
22
No adjustments were being made for export processing activities, as these are not considered fundamentally different from other economic activities, with the possible exception of a low value added. However, the use of a value added threshold in excluding certain export processing activities is very difficult to justify.
23
See Press Release No. 90/34, 7/2/1990.
24
In the context of the Ninth General Review, it was noted that the United Kingdom had changed reporting on banking interest from a net to a gross basis.
25
In practice, no adjustment was ever carried out for an off-shore banking center.
26
In the Ninth General Review, Belgium and Luxembourg were treated as one entity for quota calculations. Starting with the Tenth General Review, Luxembourg was separately adjusted for IBI. Switzerland only joined the Fund in 1992.
27
Specifically, IBI received is recorded in the BOP on line 2 370 and IBI paid on line 3 370 (“Other Investment Income”).
28
Data for Belgium and Luxembourg were reported jointly through 2001 and for the two countries separately thereafter. The joint series was split in consultation with the area department.
16 31. Non-monetary Gold: Adjustments for non-monetary gold were initiated in the Tenth General Review and Switzerland was the only country adjusted. The precedent for this adjustment was set with the quota calculations in Switzerland’s membership paper, in which it was argued that transactions in non-monetary gold should be excluded from current account data as they largely reflect the facilitation of trade between non-residents via the large Swiss gold market. 32. For the current quota calculations, underlying variables have been adjusted for nonmonetary gold transactions for Japan and the United States in addition to Switzerland.29 According to the current Balance of Payments Manual, non-monetary gold transactions are defined as exports and imports of all gold not held as reserve assets by the authorities, and should be reported to IFS.30 The actual adjustment consisted of deducting exports and imports of non-monetary gold in full from current receipts and current payments. Data were taken from the IFS.
29
No adjustments were made to the data for the United Kingdom, which is also a large gold market, because it is reporting transactions related to non-monetary gold in the financial account.
30
Specifically, exports are recorded on line 2 180 in the BOP and imports on line 3 180 under “goods�.
7,056 6,986 6,369 6,369 5,945 5,162 4,605 4,158 3,459 3,236 3,049 3,036 2,659 2,586 2,396 2,117 2,079 1,872 1,869 1,753 1,672 1,643 1,634 1,497 1,487
Netherlands Belgium India Switzerland Australia
Spain Brazil Venezuela Mexico Sweden
Argentina Indonesia Austria South Africa Nigeria
Norway Denmark Korea Iran Malaysia
37,149 13,313 13,008 10,739 10,739
Italy Saudi Arabia Canada China 3/ Russia
United States Japan Germany France United Kingdom
Actual Quota 1/
171,212 164,487 458,617 105,615 79,836
103,248 173,847 198,598 144,846 43,431
701,529 407,520 73,538 456,473 236,264
409,399 241,370 449,889 241,976 429,110
1,132,184 169,066 669,140 1,272,694 392,287
7,917,828 3,150,662 1,856,339 1,381,053 1,439,186
2004 2/
GDP
159,122 149,968 438,588 98,239 75,908
91,567 166,303 180,709 116,424 39,699
620,393 374,988 68,328 471,345 213,932
377,289 219,132 415,276 228,665 374,356
1,032,687 156,026 619,088 1,190,158 322,523
7,948,874 3,096,278 1,720,305 1,261,855 1,314,530
Average 2002-04
27,156 24,526 115,821 19,960 37,085
11,258 23,386 5,697 6,702 7,950
9,771 34,157 12,347 41,619 14,026
7,789 7,451 77,462 35,181 22,589
22,561 15,942 24,007 333,596 61,346
58,279 544,326 37,185 25,112 28,806
Reserves 12-month Average 2004 2/
51,580 72,596 164,944 22,180 81,034
27,360 50,413 103,441 34,409 13,014
202,356 68,723 18,325 155,626 95,123
239,002 167,643 73,143 112,241 92,256
299,327 54,122 246,626 365,156 85,596
1,329,489 364,475 615,711 365,385 467,304
2000-04 2/
Current Payments
(In SDR millions)
72,126 76,058 173,518 26,641 88,498
28,487 55,537 101,979 33,200 17,712
185,006 62,624 25,112 145,716 106,263
253,802 175,318 75,075 136,680 76,642
293,417 70,617 261,597 370,051 113,528
967,069 452,946 641,077 374,222 444,896
Average 2000-04 2/
Current Receipts
123,706 148,654 338,462 48,821 169,533
55,848 105,950 205,420 67,609 30,727
387,362 131,346 43,436 301,342 201,386
492,804 342,961 148,218 248,922 168,898
592,744 124,739 508,222 735,207 199,124
2,296,558 817,421 1,256,788 739,608 912,200
2000-04 2/
Current Receipts plus Current Payments
Table A1. Data Used for Quantification of Quota Formulas
Statistical Appendix
4,085 4,985 9,626 2,370 4,934
1,912 3,742 2,409 1,550 2,475
4,974 2,761 3,260 6,423 4,298
9,871 7,009 2,647 4,796 4,223
6,897 7,533 11,156 11,155 8,610
37,374 22,278 15,187 12,056 11,550
1992-2004 2/
Variability of Current Receipts
3,684 3,674 7,798 924 3,707
3,248 3,464 2,374 1,568 1,554
5,956 5,864 2,137 6,644 2,949
4,312 3,711 2,456 4,637 3,291
5,876 2,737 7,010 9,450 7,114
63,603 20,995 20,859 9,775 6,503
1992-2004
Variability of Current Receipts plus Net Capital Flows
17
823 819 774 640 638 612 588 533 533 489
Greece Czech Republic Colombia Bulgaria Peru
United Arab Emirates Morocco Bangladesh Congo, Dem. Republic of Zambia
1,030 964 944 928 895
Romania Turkey Egypt Israel New Zealand 880 867 863 856 838
1,188 1,124 1,082 1,038 1,034
Iraq Libya Thailand Hungary Pakistan
Philippines Portugal Singapore Chile Ireland
1,381 1,372 1,369 1,264 1,255
Kuwait Ukraine Poland Finland Algeria
Actual Quota 1/
70,313 33,758 37,531 4,391 3,943
140,059 72,668 66,316 16,282 46,312
58,113 113,136 72,079 63,512 124,465
49,370 203,777 51,661 78,865 65,941
17,350 21,571 109,101 67,938 69,497
37,597 43,683 170,119 125,444 55,707
2004 2/
GDP
63,832 30,985 37,580 4,234 3,281
122,638 64,800 62,166 14,186 44,484
58,019 104,117 68,809 55,971 110,518
41,915 172,454 58,165 79,401 56,181
13,704 18,129 103,086 59,345 64,250
33,354 37,009 159,278 114,616 48,738
Average 2002-04
11,930 9,743 1,907 159 181
1,896 18,049 7,952 4,706 7,266
9,087 4,009 69,202 10,736 1,896
7,075 23,218 9,145 17,884 2,999
2,486 14,967 29,300 9,037 7,410
4,986 6,335 23,848 7,539 24,860
Reserves 12-month Average 2004 2/
25,425 11,808 8,052 1,541 1,411
39,875 43,253 15,153 8,587 9,603
33,823 46,185 87,062 21,570 115,706
17,038 54,787 16,948 40,302 19,618
12,198 8,131 63,850 40,172 12,669
12,744 18,662 57,518 43,260 11,579
2000-04 2/
Current Payments
(In SDR millions)
31,639 12,580 8,222 1,643 1,318
33,359 40,006 14,618 7,659 8,789
36,139 39,570 101,058 21,215 115,600
15,064 50,348 17,901 40,317 17,660
11,696 10,881 69,351 36,269 14,196
22,147 20,929 52,475 49,957 18,033
Average 2000-04 2/
Current Receipts
57,064 24,389 16,275 3,184 2,729
73,234 83,259 29,771 16,247 18,392
69,962 85,755 188,121 42,785 231,306
32,102 105,135 34,849 80,620 37,279
23,894 19,012 133,201 76,441 26,865
34,891 39,591 109,993 93,217 29,612
2000-04 2/
Current Receipts plus Current Payments
Table A1. Data Used for Quantification of Quota Formulas (continued)
2,713 334 240 164 137
1,696 1,162 660 344 380
2,343 1,918 6,658 1,108 8,614
554 3,194 1,002 2,254 711
1,889 1,590 3,243 1,134 610
2,969 1,199 2,483 1,681 2,229
1992-2004 2/
Variability of Current Receipts
1,827 410 215 1,794 158
2,896 1,856 889 402 893
1,810 1,962 6,573 1,197 9,567
847 5,235 1,112 1,828 749
1,085 1,078 3,536 1,501 779
1,291 981 3,031 2,000 1,492
1992-2004
Variability of Current Receipts plus Net Capital Flows
18
468 413 386 369 366 365 358 353 336 329 325 315 307 302 294 287 286 279 276 274 271 264 258 244 232 219 215 210 207 203
Serbia / Montenegro Sri Lanka Belarus Ghana Kazakhstan
Croatia Slovak Republic Zimbabwe Trinidad and Tobago Vietnam
Cote d'Ivoire Sudan Uruguay Ecuador Syrian Arab Republic
Tunisia Angola Luxembourg Uzbekistan Jamaica
Kenya Qatar Myanmar Yemen, Republic of Slovenia
Dominican Republic Brunei Darussalam Guatemala Panama Lebanon
Actual Quota 1/
12,451 3,665 18,094 9,584 14,688
10,855 19,198 9,336 8,921 21,926
18,984 13,206 21,502 7,393 5,957
10,816 14,912 8,917 19,383 78,985
23,150 27,727 3,771 7,700 33,901
16,398 13,532 15,444 6,434 27,688
2004 2/
GDP
13,607 3,394 17,933 9,436 14,368
10,597 16,650 8,606 8,321 19,736
17,701 10,260 19,135 7,126 6,100
9,962 12,424 8,799 17,445 72,855
20,449 23,266 10,405 7,352 30,513
14,410 13,116 13,153 5,481 22,603
Average 2002-04
339 329 2,011 518 8,645
945 2,107 428 3,561 5,542
2,312 540 179 1,280 1,136
1,014 805 1,535 702 26
5,387 8,539 184 1,847 4,423
2,770 1,375 445 937 4,103
Reserves 12-month Average 2004 2/
6,520 2,926 5,432 4,125 10,866
2,873 6,859 2,283 3,762 11,250
9,136 7,142 56,864 2,852 4,305
4,295 3,163 3,054 6,511 5,571
11,458 16,726 1,963 3,643 17,741
5,897 6,193 8,356 3,039 11,061
2000-04 2/
Current Payments
(In SDR millions)
7,123 4,125 4,660 3,758 6,747
2,798 10,818 2,254 4,286 11,051
8,628 7,011 58,501 2,966 3,779
4,458 2,539 2,919 6,234 6,299
10,524 15,886 1,634 4,168 17,343
4,440 5,894 8,037 3,077 10,675
Average 2000-04 2/
Current Receipts
13,643 7,050 10,092 7,884 17,613
5,671 17,677 4,537 8,048 22,301
17,763 14,153 115,365 5,818 8,085
8,753 5,703 5,973 12,745 11,870
21,982 32,613 3,598 7,811 35,084
10,337 12,087 16,393 6,116 21,736
2000-04 2/
Current Receipts plus Current Payments
Table A1. Data Used for Quantification of Quota Formulas (continued)
365 369 144 178 993
97 804 175 1,141 323
212 2,027 3,428 197 90
280 114 247 279 444
412 824 128 321 602
908 233 624 181 813
1992-2004 2/
Variability of Current Receipts
271 536 229 308 868
175 604 163 922 301
304 1,402 2,750 341 229
155 128 523 1,129 320
558 570 45 213 355
507 207 351 206 733
1992-2004
Variability of Current Receipts plus Net Capital Flows
19
199 194 186 181 172 171 171 169 164 162 162 161 154 150 144 140 137 135 134 132 130 130 130 129 127 123 122 118 114 107
Tanzania Oman Cameroon Uganda Bolivia
El Salvador Jordan Bosnia-Herzegovina Costa Rica Islamic Republic of Afghanistan
Senegal Azerbaijan Gabon Georgia Lithuania
Cyprus Namibia Bahrain Ethiopia Papua New Guinea
Bahamas, The Nicaragua Honduras Liberia Latvia
Moldova Madagascar Iceland Mozambique Guinea
Actual Quota 1/
1,751 2,945 8,257 4,246 2,694
3,858 3,467 5,081 332 9,278
10,391 3,499 7,430 6,292 2,902
5,139 5,752 5,493 3,068 15,152
10,677 7,611 5,523 12,522 3,992
7,632 16,750 12,285 4,717 5,920
2004 2/
GDP
1,483 3,418 7,382 3,642 2,590
3,987 3,220 5,042 358 8,096
9,283 3,000 6,963 5,391 2,604
4,730 5,257 4,625 2,848 13,108
10,804 7,341 4,957 12,684 3,566
7,508 15,982 10,424 4,654 5,941
Average 2002-04
232 310 620 655 81
424 400 1,094 7 1,100
2,311 213 1,249 791 367
797 592 197 191 2,275
1,160 3,433 1,367 1,163 747
1,343 2,376 459 771 477
Reserves 12-month Average 2004 2/
1,164 1,248 3,237 1,776 790
2,404 1,889 2,968 359 4,466
4,951 1,515 7,692 1,851 1,639
1,875 3,110 2,066 1,315 6,964
4,025 5,629 4,034 6,724 1,852
1,992 8,132 2,469 1,571 1,854
2000-04 2/
Current Payments
(In SDR millions)
1,091 1,081 2,856 1,450 715
2,025 1,524 2,754 296 3,891
4,604 1,773 7,983 1,846 1,792
1,700 2,311 2,584 1,105 6,302
3,792 5,924 3,481 6,127 1,701
2,200 9,305 2,324 1,257 1,736
Average 2000-04 2/
Current Receipts
2,254 2,330 6,093 3,226 1,504
4,428 3,413 5,722 654 8,357
9,554 3,288 15,675 3,697 3,431
3,574 5,420 4,650 2,420 13,265
7,817 11,553 7,515 12,851 3,553
4,192 17,437 4,793 2,828 3,589
2000-04 2/
Current Receipts plus Current Payments
Table A1. Data Used for Quantification of Quota Formulas (continued)
105 166 52 120 54
122 48 111 32 181
133 138 972 985 163
67 142 417 72 418
207 147 377 344 375
176 978 128 150 80
1992-2004 2/
Variability of Current Receipts
77 115 156 77 50
77 91 100 54 153
306 60 739 886 124
60 155 239 73 264
175 273 289 271 375
161 495 176 123 97
1992-2004
Variability of Current Receipts plus Net Capital Flows
20
92 92 91 89 88 87 85 82 82 80 77 75 73 71 70 69 69 68 66 65 64 63 62 60 56
Tajikistan Congo, Republic of Haiti Somalia Rwanda
Burundi Turkmenistan Togo Nepal Fiji
Malawi Macedonia, FYR Barbados Niger Estonia
Mauritania Botswana Benin Burkina Faso Chad
104 102 102 100 93
Suriname Armenia Guyana Kyrgyz Republic Cambodia
Sierra Leone Malta Mauritius Paraguay Mali
Actual Quota 1/
940 5,132 2,724 3,449 2,968
1,268 3,624 2,279 2,045 7,580
459 10,983 1,369 4,533 2,115
1,399 2,869 2,463 343 1,239
724 2,399 567 1,488 3,298
723 3,584 4,282 4,891 3,260
2004 2/
GDP
814 4,262 2,478 3,008 2,147
1,341 3,296 2,157 1,780 6,528
457 8,930 1,256 4,447 1,785
1,148 2,582 2,320 343 1,259
690 2,080 542 1,367 3,190
718 3,357 3,995 4,510 2,960
Average 2002-04
67 3,635 430 462 125
78 577 463 167 963
43 1,832 194 966 290
98 23 48 14 157
74 340 173 292 607
49 1,812 1,064 730 588
Reserves 12-month Average 2004 2/
524 2,689 724 638 1,137
572 1,969 1,279 467 5,399
137 2,495 657 1,436 760
861 1,554 1,006 207 363
512 970 646 675 2,617
261 3,661 2,326 2,367 1,088
2000-04 2/
Current Payments
(In SDR millions)
546 3,082 587 443 757
518 1,788 1,148 403 4,861
175 2,741 554 1,413 811
840 1,851 970 43 342
448 862 622 596 2,394
226 3,470 2,400 2,344 983
Average 2000-04 2/
Current Receipts
1,070 5,771 1,312 1,081 1,893
1,090 3,757 2,427 870 10,260
313 5,235 1,210 2,849 1,571
1,701 3,405 1,976 250 705
960 1,832 1,267 1,271 5,011
487 7,131 4,726 4,710 2,071
2000-04 2/
Current Receipts plus Current Payments
Table A1. Data Used for Quantification of Quota Formulas (continued)
41 239 18 70 111
25 137 35 36 236
29 313 39 79 54
57 205 71 6 63
58 42 112 54 423
27 175 104 240 53
1992-2004 2/
Variability of Current Receipts
45 207 22 53 100
27 121 50 43 166
23 190 44 89 26
55 186 78 6 53
62 35 90 57 366
35 146 89 212 30
1992-2004
Variability of Current Receipts plus Net Capital Flows
21
8 8 7 7 6
14 12 12 10 10
Antigua and Barbuda Grenada Samoa Solomon Islands Cape Verde
Maldives Timor-Leste Sao Tome and Principe Tonga Bhutan
17 16 16 15 14
Vanuatu Djibouti Eritrea St. Lucia Guinea-Bissau
9 9 9 8 8
35 33 31 19 17
Lesotho Equatorial Guinea Gambia, The Belize San Marino
Comoros St. Kitts and Nevis Seychelles St. Vincent and the Grenadines Dominica
56 53 51 51 49
Central African Republic Lao, People's Dem. Republic Mongolia Swaziland Albania
Actual Quota 1/
435 229 44 136 525
248 273 454 270 186
594 332 219 241 625
210 446 421 508 189
930 3,522 270 699 859
869 1,862 954 1,622 5,876
2004 2/
GDP
475 245 42 123 474
222 268 493 273 190
564 326 203 222 562
196 449 441 511 172
757 2,446 273 705 810
832 1,748 885 1,338 4,600
Average 2002-04
124 124 14 33 263
66 45 24 44 34
70 68 56 41 73
33 66 26 80 37
331 350 52 54 70
92 148 150 195 780
Reserves 12-month Average 2004 2/
426 221 35 98 223
61 226 430 193 145
432 255 117 151 359
168 267 392 360 85
743 2,828 213 525 1,347
293 502 778 1,425 1,706
2000-04 2/
Current Payments
(In SDR millions)
381 251 28 97 233
73 160 380 158 124
379 209 100 157 324
142 274 347 301 128
674 2,310 193 391 1,301
194 435 681 1,446 1,542
Average 2000-04 2/
Current Receipts
807 472 64 194 456
133 386 809 351 270
811 464 216 308 684
310 541 739 662 213
1,417 5,138 406 916 2,648
487 937 1,458 2,871 3,248
2000-04 2/
Current Receipts plus Current Payments
Table A1. Data Used for Quantification of Quota Formulas (continued)
12 45 2 7 11
4 9 9 6 5
36 14 8 16 10
20 12 57 13 48
59 214 14 16 91
14 24 34 108 151
1992-2004 2/
Variability of Current Receipts
9 33 2 8 11
4 4 25 10 9
9 11 6 11 21
17 11 53 14 39
34 157 15 23 69
26 47 43 77 86
1992-2004
Variability of Current Receipts plus Net Capital Flows
22
6 5 4 3
46 166 93 90
Average 2002-04
294 50 7 1
Reserves 12-month Average 2004 2/
63 126 63 96
2000-04 2/
Current Payments
64 117 78 85
Average 2000-04 2/
Current Receipts
127 243 141 180
2000-04 2/
Current Receipts plus Current Payments
5 12 5 13
1992-2004 2/
Variability of Current Receipts
4 11 5 11
1992-2004
Variability of Current Receipts plus Net Capital Flows
1/ For the three countries that have not yet consented to, and paid for, their quota increases, Eleventh Review proposed quotas are used. 2/ Traditional variables used in the existing five formulas. 3/ Includes China, P.R., and Hong Kong, SAR.
50 153 91 90
2004 2/
Sources: Finance and Statistics Departments.
Kiribati Micronesia, Fed. States of Marshall Islands Palau, Republic of
Actual Quota 1/
GDP
(In SDR millions)
Table A1. Data Used for Quantification of Quota Formulas (concluded)
23
7,055.5 6,985.5 6,369.2 6,369.2 5,945.4 5,162.4 4,605.2 4,158.2 3,458.5 3,236.4 3,048.9 3,036.1 2,659.1 2,585.8 2,395.5 2,117.1 2,079.3 1,872.3 1,868.5 1,753.2 1,671.7 1,642.8 1,633.6 1,497.2 1,486.6
Netherlands Belgium India Switzerland Australia
Spain Brazil Venezuela Mexico Sweden
Argentina Indonesia Austria South Africa Nigeria
Norway Denmark Korea Iran Malaysia
37,149.3 13,312.8 13,008.2 10,738.5 10,738.5
Italy Saudi Arabia Canada China 7/ Russia
United States Japan Germany France United Kingdom
Actual Quotas 1/ (In million of SDRs)
0.782 0.769 0.764 0.701 0.696
0.991 0.973 0.876 0.874 0.820
1.427 1.421 1.244 1.210 1.121
2.416 2.155 1.946 1.618 1.514
3.301 3.269 2.980 2.980 2.782
17.382 6.229 6.087 5.025 5.025
Actual Quota Shares
0.868 1.078 2.508 0.404 1.399
0.396 0.767 1.142 0.436 0.309
2.250 0.998 0.415 1.928 1.229
2.880 2.088 1.200 1.530 1.182
3.442 1.063 3.098 5.197 1.519
16.795 7.525 6.953 4.334 5.176
Existing Five Formulas 2/
0.608 0.573 1.675 0.375 0.290
0.350 0.635 0.690 0.445 0.152
2.369 1.432 0.261 1.800 0.817
1.441 0.837 1.586 0.873 1.429
3.943 0.596 2.364 4.544 1.231
30.350 11.822 6.568 4.818 5.019
GDP 2002-04
(In percent unless otherwise noted)
0.851 1.023 2.328 0.336 1.166
0.384 0.729 1.413 0.465 0.211
2.664 0.903 0.299 2.073 1.385
3.390 2.359 1.020 1.712 1.162
4.077 0.858 3.496 5.057 1.370
15.797 5.623 8.645 5.087 6.275
Openness 3/ 4/ 2000-04
Table A2. Quotas and Updated Variables by Member
1.180 1.177 2.498 0.296 1.188
1.040 1.110 0.760 0.502 0.498
1.908 1.878 0.685 2.128 0.945
1.381 1.189 0.787 1.485 1.054
1.882 0.877 2.245 3.027 2.279
20.373 6.725 6.682 3.131 2.083
Variability 5/ 1992-2004
1.261 1.138 5.376 0.927 1.721
0.523 1.086 0.264 0.311 0.369
0.454 1.586 0.573 1.932 0.651
0.362 0.346 3.596 1.633 1.049
1.047 0.740 1.114 15.485 2.848
2.705 25.267 1.726 1.166 1.337
Reserves 4/ 6/ 2004
24
823.0 819.3 774.0 640.2 638.4 611.7 588.2 533.3 533.0 489.1
Greece Czech Republic Colombia Bulgaria Peru
United Arab Emirates Morocco Bangladesh Congo, Dem. Republic of Zambia
1,030.2 964.0 943.7 928.2 894.6
Romania Turkey Egypt Israel New Zealand 879.9 867.4 862.5 856.1 838.4
1,188.4 1,123.7 1,081.9 1,038.4 1,033.7
Iraq Libya Thailand Hungary Pakistan
Philippines Portugal Singapore Chile Ireland
1,381.1 1,372.0 1,369.0 1,263.8 1,254.7
Kuwait Ukraine Poland Finland Algeria
Actual Quotas 1/ (In million of SDRs)
0.286 0.275 0.250 0.249 0.229
0.385 0.383 0.362 0.300 0.299
0.412 0.406 0.404 0.401 0.392
0.482 0.451 0.442 0.434 0.419
0.556 0.526 0.506 0.486 0.484
0.646 0.642 0.641 0.591 0.587
Actual Quota Shares
0.461 0.165 0.103 0.025 0.022
0.456 0.538 0.208 0.113 0.139
0.504 0.528 1.922 0.298 1.677
0.207 0.741 0.248 0.579 0.229
0.246 0.228 0.909 0.468 0.191
0.351 0.277 0.739 0.546 0.325
Existing Five Formulas 2/
0.244 0.118 0.143 0.016 0.013
0.468 0.247 0.237 0.054 0.170
0.222 0.398 0.263 0.214 0.422
0.160 0.658 0.222 0.303 0.215
0.052 0.069 0.394 0.227 0.245
0.127 0.141 0.608 0.438 0.186
GDP 2002-04
(In percent unless otherwise noted)
0.393 0.168 0.112 0.022 0.019
0.504 0.573 0.205 0.112 0.127
0.481 0.590 1.294 0.294 1.591
0.221 0.723 0.240 0.555 0.256
0.164 0.131 0.916 0.526 0.185
0.240 0.272 0.757 0.641 0.204
Openness 3/ 4/ 2000-04
Table A2. Quotas and Updated Variables by Member (continued)
0.585 0.131 0.069 0.575 0.051
0.928 0.595 0.285 0.129 0.286
0.580 0.628 2.106 0.383 3.064
0.271 1.677 0.356 0.585 0.240
0.348 0.345 1.133 0.481 0.249
0.413 0.314 0.971 0.641 0.478
Variability 5/ 1992-2004
0.554 0.452 0.088 0.007 0.008
0.088 0.838 0.369 0.218 0.337
0.422 0.186 3.212 0.498 0.088
0.328 1.078 0.424 0.830 0.139
0.115 0.695 1.360 0.419 0.344
0.231 0.294 1.107 0.350 1.154
Reserves 4/ 6/ 2004
25
467.7 413.4 386.4 369.0 365.7 365.1 357.5 353.4 335.6 329.1 325.2 315.1 306.5 302.3 293.6 286.5 286.3 279.1 275.6 273.5 271.4 263.8 258.4 243.5 231.7 218.9 215.2 210.2 206.6 203.0
Serbia / Montenegro Sri Lanka Belarus Ghana Kazakhstan
Croatia Slovak Republic Zimbabwe Trinidad and Tobago Vietnam
Cote d'Ivoire Sudan Uruguay Ecuador Syrian Arab Republic
Tunisia Angola Luxembourg Uzbekistan Jamaica
Kenya Qatar Myanmar Yemen, Republic of Slovenia
Dominican Republic Brunei Darussalam Guatemala Panama Lebanon
Actual Quotas 1/ (In million of SDRs)
0.102 0.101 0.098 0.097 0.095
0.127 0.123 0.121 0.114 0.108
0.134 0.134 0.131 0.129 0.128
0.152 0.147 0.143 0.141 0.137
0.171 0.167 0.165 0.157 0.154
0.219 0.193 0.181 0.173 0.171
Actual Quota Shares
0.085 0.058 0.065 0.049 0.176
0.036 0.134 0.032 0.117 0.144
0.105 0.193 1.375 0.043 0.051
0.061 0.040 0.047 0.078 0.122
0.144 0.231 0.026 0.062 0.214
0.111 0.074 0.118 0.043 0.164
Existing Five Formulas 2/
0.052 0.013 0.068 0.036 0.055
0.040 0.064 0.033 0.032 0.075
0.068 0.039 0.073 0.027 0.023
0.038 0.047 0.034 0.067 0.278
0.078 0.089 0.040 0.028 0.117
0.055 0.050 0.050 0.021 0.086
GDP 2002-04
(In percent unless otherwise noted)
0.094 0.048 0.069 0.054 0.121
0.039 0.122 0.031 0.055 0.153
0.122 0.097 0.794 0.040 0.056
0.060 0.039 0.041 0.088 0.082
0.151 0.224 0.025 0.054 0.241
0.071 0.083 0.113 0.042 0.150
Openness 3/ 4/ 2000-04
Table A2. Quotas and Updated Variables by Member (continued)
0.087 0.172 0.073 0.099 0.278
0.056 0.194 0.052 0.295 0.096
0.098 0.449 0.881 0.109 0.073
0.050 0.041 0.167 0.362 0.102
0.179 0.183 0.014 0.068 0.114
0.162 0.066 0.112 0.066 0.235
Variability 5/ 1992-2004
0.016 0.015 0.093 0.024 0.401
0.044 0.098 0.020 0.165 0.257
0.107 0.025 0.008 0.059 0.053
0.047 0.037 0.071 0.033 0.001
0.250 0.396 0.009 0.086 0.205
0.129 0.064 0.021 0.044 0.190
Reserves 4/ 6/ 2004
26
198.9 194.0 185.7 180.5 171.5 171.3 170.5 169.1 164.1 161.9 161.8 160.9 154.3 150.3 144.2 139.6 136.5 135.0 133.7 131.6 130.3 130.0 129.5 129.2 126.8 123.2 122.2 117.6 113.6 107.1
Tanzania Oman Cameroon Uganda Bolivia
El Salvador Jordan Bosnia-Herzegovina Costa Rica Islamic Republic of Afghanistan
Senegal Azerbaijan Gabon Georgia Lithuania
Cyprus Namibia Bahrain Ethiopia Papua New Guinea
Bahamas, The Nicaragua Honduras Liberia Latvia
Moldova Madagascar Iceland Mozambique Guinea
Actual Quotas 1/ (In million of SDRs)
0.058 0.057 0.055 0.053 0.050
0.061 0.061 0.061 0.060 0.059
0.065 0.064 0.063 0.063 0.062
0.076 0.075 0.072 0.070 0.067
0.080 0.080 0.079 0.077 0.076
0.093 0.091 0.087 0.084 0.080
Actual Quota Shares
0.018 0.022 0.035 0.025 0.010
0.029 0.021 0.037 0.005 0.053
0.061 0.024 0.144 0.076 0.028
0.024 0.036 0.047 0.017 0.096
0.053 0.082 0.066 0.084 0.042
0.033 0.150 0.033 0.025 0.023
Existing Five Formulas 2/
0.006 0.013 0.028 0.014 0.010
0.015 0.012 0.019 0.001 0.031
0.035 0.011 0.027 0.021 0.010
0.018 0.020 0.018 0.011 0.050
0.041 0.028 0.019 0.048 0.014
0.029 0.061 0.040 0.018 0.023
GDP 2002-04
(In percent unless otherwise noted)
0.016 0.016 0.042 0.022 0.010
0.030 0.023 0.039 0.005 0.057
0.066 0.023 0.108 0.025 0.024
0.025 0.037 0.032 0.017 0.091
0.054 0.079 0.052 0.088 0.024
0.029 0.120 0.033 0.019 0.025
Openness 3/ 4/ 2000-04
Table A2. Quotas and Updated Variables by Member (continued)
0.025 0.037 0.050 0.025 0.016
0.025 0.029 0.032 0.017 0.049
0.098 0.019 0.237 0.284 0.040
0.019 0.050 0.077 0.023 0.085
0.056 0.088 0.093 0.087 0.120
0.052 0.159 0.056 0.040 0.031
Variability 5/ 1992-2004
0.011 0.014 0.029 0.030 0.004
0.020 0.019 0.051 0.000 0.051
0.107 0.010 0.058 0.037 0.017
0.037 0.027 0.009 0.009 0.106
0.054 0.159 0.063 0.054 0.035
0.062 0.110 0.021 0.036 0.022
Reserves 4/ 6/ 2004
27
92.1 92.0 90.9 88.8 87.5 87.0 84.6 81.9 81.7 80.1 77.0 75.2 73.4 71.3 70.3 69.4 68.9 67.5 65.8 65.2 64.4 63.0 61.9 60.2 56.0
Tajikistan Congo, Republic of Haiti Somalia Rwanda
Burundi Turkmenistan Togo Nepal Fiji
Malawi Macedonia, FYR Barbados Niger Estonia
Mauritania Botswana Benin Burkina Faso Chad
103.7 102.0 101.6 99.9 93.3
Suriname Armenia Guyana Kyrgyz Republic Cambodia
Sierra Leone Malta Mauritius Paraguay Mali
Actual Quotas 1/ (In million of SDRs)
0.030 0.029 0.029 0.028 0.026
0.032 0.032 0.032 0.031 0.031
0.036 0.035 0.034 0.033 0.033
0.041 0.040 0.038 0.038 0.037
0.043 0.043 0.043 0.042 0.041
0.049 0.048 0.048 0.047 0.044
Actual Quota Shares
0.008 0.054 0.009 0.010 0.016
0.007 0.028 0.015 0.007 0.067
0.003 0.046 0.009 0.021 0.011
0.012 0.029 0.014 0.002 0.007
0.009 0.012 0.015 0.010 0.055
0.004 0.058 0.032 0.039 0.015
Existing Five Formulas 2/
0.003 0.016 0.009 0.011 0.008
0.005 0.013 0.008 0.007 0.025
0.002 0.034 0.005 0.017 0.007
0.004 0.010 0.009 0.001 0.005
0.003 0.008 0.002 0.005 0.012
0.003 0.013 0.015 0.017 0.011
GDP 2002-04
(In percent unless otherwise noted)
0.007 0.040 0.009 0.007 0.013
0.008 0.026 0.017 0.006 0.071
0.002 0.036 0.008 0.020 0.011
0.012 0.023 0.014 0.002 0.005
0.007 0.013 0.009 0.009 0.034
0.003 0.049 0.033 0.032 0.014
Openness 3/ 4/ 2000-04
Table A2. Quotas and Updated Variables by Member (continued)
0.014 0.066 0.007 0.017 0.032
0.009 0.039 0.016 0.014 0.053
0.007 0.061 0.014 0.028 0.008
0.018 0.060 0.025 0.002 0.017
0.020 0.011 0.029 0.018 0.117
0.011 0.047 0.028 0.068 0.010
Variability 5/ 1992-2004
0.003 0.169 0.020 0.021 0.006
0.004 0.027 0.021 0.008 0.045
0.002 0.085 0.009 0.045 0.013
0.005 0.001 0.002 0.001 0.007
0.003 0.016 0.008 0.014 0.028
0.002 0.084 0.049 0.034 0.027
Reserves 4/ 6/ 2004
28
8.2 8.2 7.4 6.9 6.3
13.5 11.7 11.6 10.4 9.6
Antigua and Barbuda Grenada Samoa Solomon Islands Cape Verde
Maldives Timor-Leste Sao Tome and Principe Tonga Bhutan
17.0 15.9 15.9 15.3 14.2
Vanuatu Djibouti Eritrea St. Lucia Guinea-Bissau
8.9 8.9 8.8 8.3 8.2
34.9 32.6 31.1 18.8 17.0
Lesotho Equatorial Guinea Gambia, The Belize San Marino
Comoros St. Kitts and Nevis Seychelles St. Vincent and the Grenadines Dominica
55.7 52.9 51.1 50.7 48.7
Central African Republic Lao, People's Dem. Republic Mongolia Swaziland Albania
Actual Quotas 1/ (In million of SDRs)
0.004 0.004 0.003 0.003 0.003
0.004 0.004 0.004 0.004 0.004
0.006 0.005 0.005 0.005 0.004
0.008 0.007 0.007 0.007 0.007
0.016 0.015 0.015 0.009 0.008
0.026 0.025 0.024 0.024 0.023
Actual Quota Shares
0.006 0.006 0.001 0.001 0.004
0.001 0.003 0.005 0.002 0.002
0.006 0.003 0.002 0.003 0.004
0.003 0.003 0.008 0.004 0.004
0.012 0.039 0.003 0.006 0.024
0.004 0.006 0.010 0.021 0.026
Existing Five Formulas 2/
0.002 0.001 0.000 0.000 0.002
0.001 0.001 0.002 0.001 0.001
0.002 0.001 0.001 0.001 0.002
0.001 0.002 0.002 0.002 0.001
0.003 0.009 0.001 0.003 0.003
0.003 0.007 0.003 0.005 0.018
GDP 2002-04
(In percent unless otherwise noted)
0.006 0.003 0.000 0.001 0.003
0.001 0.003 0.006 0.002 0.002
0.006 0.003 0.001 0.002 0.005
0.002 0.004 0.005 0.005 0.001
0.010 0.035 0.003 0.006 0.018
0.003 0.006 0.010 0.020 0.022
Openness 3/ 4/ 2000-04
Table A2. Quotas and Updated Variables by Member (continued)
0.003 0.011 0.001 0.003 0.004
0.001 0.001 0.008 0.003 0.003
0.003 0.004 0.002 0.003 0.007
0.005 0.004 0.017 0.004 0.013
0.011 0.050 0.005 0.007 0.022
0.008 0.015 0.014 0.025 0.028
Variability 5/ 1992-2004
0.006 0.006 0.001 0.002 0.012
0.003 0.002 0.001 0.002 0.002
0.003 0.003 0.003 0.002 0.003
0.002 0.003 0.001 0.004 0.002
0.015 0.016 0.002 0.002 0.003
0.004 0.007 0.007 0.009 0.036
Reserves 4/ 6/ 2004
29
5.6 5.1 3.5 3.1
0.003 0.002 0.002 0.001
Actual Quota Shares
0.003 0.002 0.001 0.002
Existing Five Formulas 2/
0.000 0.001 0.000 0.000
GDP 2002-04
0.001 0.002 0.001 0.001
Openness 3/ 4/ 2000-04
0.001 0.004 0.002 0.003
Variability 5/ 1992-2004
0.014 0.002 0.000 0.000
Reserves 4/ 6/ 2004
1/ For the three countries that have not yet consented to and paid for their quota increases, Eleventh Review proposed quotas are used. 2/ Based on 1992–2004 data and computed as traditionally specified. Reflects the impact of adjustments to current receipts and payments for re-exports, international banking interest, and non-monetary gold. 3/ Average sum of current receipts and payments, adjusted for re-exports, international banking interest, and non-monetary gold. 4/ Traditional variable used in the existing five formulas. 5/ Variability of current receipts and net capital inflows, measured as a standard deviation from centered three-year trend. 6/ Average international reserves in 2004 based on end-month data. 7/ Includes China, P.R., and Hong Kong, SAR.
Sources: Finance and Statistics Departments.
Kiribati Micronesia, Fed. States of Marshall Islands Palau, Republic of
Actual Quotas 1/ (In million of SDRs)
(In percent unless otherwise noted)
Table A2. Quotas and Updated Variables by Member (concluded)
30
31 Table A3. Adjustments for Re-Exports
Country Afghanistan Antigua and Barbuda Bahamas Bahrain Barbados Belize Benin China 1/ Cyprus Djibouti Dominican Republic El Salvador Fiji Gambia, The Grenada Guyana Israel Jamaica Jordan Kenya Lao, PDR Malawi Maldives Malta Mexico Oman Panama Paraguay Seychelles Singapore St. Kitts and Nevis St. Lucia Togo Trinidad and Tobago U.A.E. Vanuatu Venezuela Western Samoa Yemen, PDR Total
Current Update
11th Review
10th Review
9th Review
8th Review
7th Review
6th Review
x x
x x
x
x x
x
x
x x
x
x
x x
x
x
x
23
8
5
4
5th Review
x
x x
x x x x x
x x x x
x x x x x x x
x
x x x x x
x x
x
x x
x x x x x x x x x x
x x x x
x
x
x x
x
x x
x
x
x x x
15
x x x
x
x
x
x
x x x
12
19
x x x
1
Source: Finance Department. 1/ Data for China, P.R., and Hong Kong, SAR were also adjusted in the context of the 2001 ad-hoc quota increase.