Greece to adopt IMF quota ratification bill

A bill ratifying International Monetary Fund quota increases for member-countries was approved in the Greek Parliament’s Standing Committee on Economic Affairs on Tuesday, and was tabled in the plenary on Wednesday.

Quotas are the building blocks of the IMF’s financial and governance structure; an individual member-country’s quota broadly reflects its relative position in the world economy.

Quotas are denominated in special drawing rights (SDRs), the IMF’s unit of account. Addressing the committee, Deputy National Economy and Finance Minister Christos Dimas said that the rise in IMF quotas is related to the Fund’s ability to continue to provide aid to weaker countries, a role that was further enhanced during the years of consecutive crises hitting mostly vulnerable countries.

“Greece supports this role of the Fund, which is proven by the provision of funds from our country to the Poverty Reduction and Growth Trust, through which the IMF provides funding on very favorable terms to countries of low incomes.” He added that ratifying the bill would enhance Greece’s credibility and prestige by participating in a large international economic organization that serves as a last-recourse lender in cases of serious fiscal imbalances or imbalances in their balance of payments.