The International Monetary Fund said Tuesday its executive board has endorsed a 50 percent increase in the quotas that member countries contribute to the global lender.

Quotas are based on the size of a country's economy, and they determine how much funding a nation should provide to the IMF, its voting power and the maximum amount of loans it can obtain.

The proposed increase, which still needs approval at a higher level at the IMF, would "enhance the IMF's permanent resources" while reducing reliance on borrowing, said the fund in a statement.

The IMF's total resources translate into a capacity for lending of nearly $1 trillion.

The IMF added that the latest proposal also includes a call on the executive board to work to develop -- by June 2025 -- options to guide "further quota realignment."

Boosting the fund's quota resources and giving Africa a bigger voice within the institution were among priorities of the week-long talks of the IMF and World Bank in Marrakech, Morocco last month.

"The proposed quota increase comes at a complex time for the global economy and the IMF's membership," said IMF managing director Kristalina Georgieva.

"An adequately resourced IMF is essential to safeguard global financial stability and respond to members' potential needs in an uncertain and shock-prone world," she added in a statement.

The proposal requires approval by the IMF's board of governors, with a vote requested by December 15. Approval requires an 85 percent majority of total voting power.