the IMF fund is increased and the quota formula is revised, not a coincidence.

We remain committed to take the necessary actions to secure global financial stability. We welcome the euro area members’ decisions in March to strengthen European firewalls as part of broader reform efforts and the availability of central bank swap lines. Together with the G-20, we have reached agreement to enhance IMF resources for crisis prevention and resolution. This is the result of a broad international cooperative effort that includes a significant number of countries. There are firm commitments to increase resources made available to the IMF by over $430 billion in addition to the quota increase under the 2010 reform. These resources will be available for the whole membership of the IMF, and not earmarked for any particular region. The resources would be channelled through temporary bilateral loans and note purchase agreements to the IMF’s General Resources Account. 

The IMF will revise the quota formula, and maybe the US will lose some of his stellar position at IMF and will give more space to Brazil.  Consider this,  at the same time that the fund is increased, the quota formula is revised, not a coincidence. 

We reaffirm the urgency of making the 2010 quota and governance reforms effective by the 2012 Annual Meetings, to enhance the Fund’s legitimacy and credibility. We urge members to ratify these reforms expeditiously and call on the Fund to monitor progress transparently and more frequently. We look forward to an agreement, by January 2013, on a simple and transparent quota formula that better reflects members’ relative positions in the world economy. We reaffirm our commitment to complete the Fifteenth General Review of Quotas by January 2014. Any realignment is expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. Steps shall be taken to protect the voice and representation of the poorest members.