The steering committee of the International Monetary Fund on Thursday said it would continue to review the adequacy of the global lender’s resources as it works to help its 189 member countries respond to the coronavirus pandemic.

In a joint statement, the 24-member International Monetary and Financial Committee reaffirmed its commitment to a strong, quota-based and adequately resourced Fund, and said the IMF should draw on relevant experience from previous crises.

“We remain committed to revisiting the adequacy of quotas and continuing the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, by December 15, 2023,” the committee said.