By William N. Kring, Marilou Uy, Rakesh Mohan and Haihong Gao¹

As the global economy confronts a myriad of challenges, the prospects for long-term growth and economic recovery look increasingly bleak.

The International Monetary Fund (IMF), the center of the Global Financial Safety Net (GFSN), is the pre-eminent multilateral institution tasked with addressing challenges that threaten global financial stability. Unfortunately, the lending capacity of the IMF has not kept pace with the global economy or global trade flows, and quota shares of emerging market and developing economies (EMDEs) are increasingly misaligned with their role in the global economy.