Spectator on facebook

Spectator on facebook

Slovakia increases its contribution to IMF funds

Slovakia is to increase its contribution to the funds of the International Monetary Fund (IMF).

Slovakia is to increase its contribution to the funds of the International Monetary Fund (IMF).

The Slovak Cabinet agreed to increase Slovakia’s so-called member quota in the international financial institution at its regular meeting on Wednesday, the SITA newswire wrote. Slovakia’s member quota, which reflects the amount it contributes to the IMF's general resources and available reserves, will be increased by SDR70 million (approximately about €79.7 million) to SDR 427.5 million (€487 million), explained the National Bank of Slovakia (NBS) and the Finance Ministry in a joint proposal. SDRs are special drawing rights, an artificial currency unit used by the IMF and other international organisations.

Slovakia’s member quota will thus go up from the current 0.164 percent to 0.179 percent. “The increase in Slovakia’s member quota reflects the country's economic growth and will contribute to Slovakia’s position in the IMF [by increasing Slovakia's voting rights]. It is also important from the point of view of potential allocation of SDRs and represents a criterion for many financial resources that the country can draw from the IMF,” the central bank and the Finance Ministry stated.

The size of a country’s member quota determines the country’s voting rights in various political and operational decisions of the IMF. The IMF’s board of governors approved the reform of member quotas in a resolution adopted on April 28, 2008, in which it decided to increase quotas for 54 countries, including Slovakia. SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Slovakia is the first country to test a new VAT refund app

Getting money back for buying souvenirs in Slovakia will be easier - there will be an app.

Illustrative Stock Photo

Prosecution has found errancies in criminal files related to self-employed farmers

General prosecutor feels that some prosecutors in the east of Slovakia follow their own conscience and opinion and not valid legislation.

General prosecutor Jaromír Čižnár

Begin afresh

I’m not sure if there is a typical Canadian way to get married.

Homophobic banners attributed to Ján Mrva give rise to criminal complaint

The Bratislava Mayoral candidate denies being behind the banners but has not condemned the contents argues NGO.

Ján Mrva