The implementation of the 2010 International Monetary Fund (IMF) quota and governance reforms, though delayed, is a milestone in extending the IMF’s effectiveness and legitimacy. However, even now, IMF quotas do not reflect the global economic realities, and the institution is still dependent on borrowed resources.
As a quota-based multilateral institution, the IMF’s prolonged dependence on borrowed resources is undesirable. It is imperative that the 15th General Review of Quotas (GRQ), including the quota formula, is suitably revised by October 2017, as per the agreed timelines. We must work together to achieve this objective.