The Government approved on Thursday a draft law to increase Romania's participation quota to the International Monetary Fund (IMF).
According to a Government press release, the draft law provides for an increase in Romania's IMF quota from 1,811.4 million SDR (Special Drawing Rights), as it is at present, to 2,717.1 million SDR. The difference of 905.7 million SDR will be paid by the National Bank of Romania.
"The increase in Romania's quota implements a decision by the IMF Executive Board last year to increase IMF quotas by 50%," reads the release.
Romania became a member of the IMF on December 15, 1972 and is part of the constituency led by the Netherlands and Belgium, along with Andorra, Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, Montenegro, the Republic of the Republic of North Macedonia, the Republic of Moldova, the Netherlands and Ukraine.
The SDR (Special Drawing Right) is an international reserve asset created by the IMF to supplement member countries' official reserves.
The draft law will be submitted to Parliament for debate and adoption.
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