WASHINGTON: The International Monetary Fund said on Tuesday its executive board approved a proposal for a 50 percent increase in quota resources to be contributed by member countries in proportion to their current IMF shareholdings. The proposal would largely follow a US-backed plan that would enhance IMF lending resources but delay any IMF shareholding increases for China, India, Brazil and other fast-growing emerging market economies. But the IMF said the board requested an accelerated timetable for developing options to guide realignment of the Fund’s quota formula by June 2025. The IMF said the 50% increase in quota funding — equivalent to about $314 billion at current exchange rates
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