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.

Top stories

LGBTI people in the regions: We change people’s minds

Bratislava will dress up in rainbow colours this August again, for the seventh time. This will be for the Bratislava Dúhový Pride diversity festival. But the colours of the rainbow are less bright in the regions,…

Slovakia’s LGBTI community seeks to expand their rights.

Things that make us different also make us stronger

On August 19, a rainbow flag will fly over the US Embassy in Bratislava to represent the firm commitment of the United States to defending the human rights of LGBTI people, writes Ambassador Sterling.

The rainbow flag flew over the US Embassy in Bratislava in 2016.

Blog: 5 things you should do on your visit to the north of Slovakia Photo

Here is a list of tips by an experienced tour guide - including things you have probably not tried before.

Bratislava growing high Photo

High-rise buildings sprouting up in Bratislava

Visualisation of the future skyline of Bratislava