The Armenian government, during its February 6th session, made a decision to agree to increase Armenia’s quota based on the 16th quota review adopted by the Board of Governors of the International Monetary Fund (IMF). This decision means that Armenia will increase its contribution to the IMF by 50 percent.
Currently, Armenia’s quota in the IMF is 128.8 million Special Drawing Rights (SDRs), which makes up 0.03% of the IMF’s total quota. According to this quota, Armenia has 0.05% of the voting power in the IMF’s Board of Governors. As a result of the 16th quota review, Armenia’s quota will increase by 50%, reaching 193.2 million SDRs.
The quota increase is of great importance to Armenia. It will allow Armenia to play a greater role in the IMF’s decision-making process and have a greater impact on international financial policy. In addition, the increased quota can contribute to strengthening Armenia’s financial stability by providing greater access to the IMF’s financial resources when needed.
The decision was made with the aim of properly organizing the domestic process and ensuring further subscription procedures for the increase in Armenia’s quota. It will ensure the fulfillment of obligations undertaken in connection with the signed agreement.
This step once again testifies to the Armenian government’s commitment to cooperation with international financial institutions and the implementation of policies that promote the country’s economic development.