IMF Gives Ethiopia Until November to Approve 50pc Quota Increase

The International Monetary Fund (IMF) has given Ethiopia and other members until November 15, 2026, to consent to a proposed 50 percent increase in IMF quotas, extending a deadline that had been set for May.

The IMF Executive Board approved the six-month extension after the required level of member consent had not yet been reached. As of April 29, 2026, 149 members representing 76.66 percent of total IMF quotas had consented to the increase. The reform requires approval from members representing at least 85 percent of total quotas before it can take effect.

For Ethiopia, the decision comes as the country maintains a relatively small financial and voting position within the Fund despite having a substantial financing relationship with the institution.

Ethiopia’s IMF quota currently stands at 300.7 million Special Drawing Rights (SDRs), representing about 0.06 percent of total IMF quotas. The country has 4,459 votes, equivalent to just 0.09 percent of total voting power.

The proposed reform was approved by the IMF’s Board of Governors in December 2023 and would increase total IMF quotas by 50 percent to approximately 715.7 billion SDRs, equivalent to about $960 billion using the exchange rate at the time of approval.

 

The increase is intended to strengthen the IMF’s permanent resources and reduce the Fund’s dependence on borrowed resources. However, the reform is equiproportional, meaning the increase is applied proportionally across members. As a result, it is not expected to significantly alter the relative voting shares of countries such as Ethiopia.

A large financing relationship

While Ethiopia’s influence at the IMF remains limited, its current financial relationship with the Fund is significant.

Ethiopia is implementing a 48-month Extended Credit Facility (ECF) arrangement approved in July 2024. The programme provides access to about $3.4 billion, equivalent to 850 percent of Ethiopia’s IMF quota.

The IMF completed the programme’s fifth review on July 1, 2026, releasing a further $464 million. This brought total disbursements under the programme to approximately $2.647 billion.

The IMF programme supports Ethiopia’s economic reforms, aimed at restoring stability, strengthening foreign exchange, improving debt sustainability, and rebuilding buffers.

Ethiopia’s large financing relationship versus its small voting weight underscores how IMF access, voting power, and financial stakes are all linked to a member’s quota.

Limited impact on Ethiopia’s voting power

The equiproportional 50 percent quota increase expands the IMF’s financial capacity but preserves relative member shares, leaving Ethiopia’s position unchanged.

Ethiopia votes through a multi-country constituency on the Executive Board rather than holding an individual seat. Consequently, meeting the November 15 deadline will not materially expand its influence, which would require a future quota realignment.

Its main significance for Ethiopia lies in ensuring the IMF maintains strong permanent resources as the country draws on financing for its ongoing economic reform programme.