The best way forward is to strengthen existing institutions like the Fund and make them more relevant and trusted. Through its Articles of Agreement, the Fund is a quota-based organisation, but quotas currently constitute only 49 per cent of its resources.
At the height of the global financial crisis and in the years following it, the Fund activated borrowing arrangements such as the New Arrangements to Borrow (NAB) and the bilateral Note Purchase Agreements (NPAs), to which India also contributed. These borrowing arrangements are, however, intended to be temporary bridges.