As a result, the envisaged more prominent role for EMEs in Fund governance has not materialized and, notwithstanding the huge expansion of world economic and financial transactions over the last years, the Fund has not seen a general quota increase since 1999.
In addition, work on the 15th quota review has been delayed, and is unlikely to be completed by the deadline set under the Fund´s Articles of Agreement (December 15, 2015). Thus, contrary to the quota‐based nature of the Fund, its financing has relied disproportionally on borrowed resources.