Turkey becomes 20th highest voting power in IMF

ANKARA

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Turkey’s voting power in the International Monetary Fund (IMF) has increased from 0.61 to 0.95, making Turkey the 20th highest voting country as of Feb. 18, in line with the quota reforms of the organization, said the Treasury in a written statement on Feb. 22. 

“The IMF’s Quota and Governance Reform was accepted on Dec. 15, 2010, in accordance with the IMF Governors Board’s decision, which is numbered 66-2. The decision has become effective as of Jan. 26, 2016, after the required conditions were met. Our country approved the presumed quota increase in line with decision and made the required payments. Turkey’s voting power has increased from 0.61 to 0.95 in the IMF as of Feb. 18, 2016. Turkey has thus become the 20th country with the highest voting power in the IMF,” said the statement. 

As part of the reforms, the IMF Executive Board in 2010 had proposed the completion of the 14th General Review of Quotas with the doubling of quotas and realignment of share among members. This reform package has delivered a 100 percent increase in quotas and a major realignment of quota shares, thereby improving the representation of emerging and developing economies in the institutions, according to the IMF.