The IMF voted last week to raise Türkiye's quota by 23.6 percent, a move that will also increase the country's voting weight at the World Bank, since the two institutions use the same quota figures, according to World Bank country director Andrew Vorkink.
Vorkink said the increase reflects international recognition of Türkiye's economic growth, placing it alongside expanding economies such as China and India. Türkiye also recently moved into the Upper Middle Income borrowing category at the World Bank, the highest per capita income tier for Bank lending.
A stronger quota position is among the factors credit rating agencies consider when assessing sovereign debt, Vorkink noted, suggesting Türkiye could benefit from improved creditworthiness ratings and lower international borrowing costs.
IMF quotas represent each member country's financial contribution to the fund and determine both voting power and borrowing limits. They are calculated on the basis of economic size, trade openness, and reserves, and the IMF's 24-member executive board reviews them every five years, with any changes requiring an 85 percent majority. Total IMF quotas stood at 308 billion USD as of March 2006.
Historical summary. TurkishPress restated this wire report, first published in September 2006, in its own words.