A comprehensive review of the quota formula should be completed by January 2013 to set the stage for the 15th General Review of Quotas by January 2014 which will carry forward the modest progress made so far in enhancing the representation of dynamic emerging and developing countries in the IMF to meaningfully reflect the changing global economic realities.
We must make our best efforts to complete the 2010 reform before the 2012 Annual Meetings. 9. We welcome the expanded and amended New Arrangements to Borrow (NAB) which became effective from March 11, 2011. The activation of the NAB should be regarded as a bridge between current expectations and the availability of higher quota resources under the 14th General Review.