Parliament approves adjusted Swiss contributions to IMF
Published: Thursday, Dec 19th 2024, 10:20
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Parliament has approved the adjustment of Swiss contributions to the resources of the International Monetary Fund (IMF). This involves a reallocation of contributions as a result of the 16th General Review of Quotas decided by the IMF Board of Governors.
The quotas of the IMF members are to be increased proportionally and therefore without changing the voting weights by fifty percent, as the Federal Council writes in its dispatch to Parliament. This should ensure that all members contribute to the long-term financing of the IMF.
According to the Federal Council, solid self-financing will help ensure that the IMF can continue to effectively and credibly fulfil its mandate to stabilize the monetary and financial system in the future.
Switzerland will continue to provide the IMF with over CHF 20 billion due to its quota share - still 1.21% - and the New Arrangements to Borrow (NAB). However, because the bilateral loan agreements end at the same time, the bottom line is that the amount will be around ten percent lower than before.
Swiss contributions to the IMF are paid by the SNB without the Confederation providing guarantees for the SNB. The adjustment of the contributions does not result in any additional financial obligations for the Confederation, as the Federal Council writes in its dispatch to Parliament.
Only bilateral credit agreements granted by the SNB were guaranteed by the Confederation. As these will no longer apply in future, this guarantee will end. After the National Council, the Council of States also said yes to the amendment on Thursday. The bill is therefore now closed.
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