The Fund responded with expansion of its memberships from 40 to 184, augmentation of quota size by almost 37 folds and allocations of Special Drawing Rights (SDR) between late 1960s and 1980s. However, these phenomenal developments haven’t been accompanied by fundamental improvement of the governance structure within the Fund.
The main problem of its governance is that the decision-making mechanism has not reflected the rapidly evolving political and economic environment and principles used for allocating quotas when the Fund was established has been abandoned resulting in a small group of member countries easily forming majority votes and exercising veto powers.