Chief among the financial highlights of 1998/99 was the increase in IMF quotas under the Eleventh General Review of Quotas, which took effect on January 22, 1999. As of the end of 1998/99, total IMF paid-in quotas reached SDR 208 billion ($281 billion). Prior to the quota increase, the IMF’s liquidity had fallen to a low level, and the IMF had resorted to borrowing under the General Arrangements to Borrow and the recently established New Arrangements to Borrow. These borrowings were repaid following the quota increase, and by the end of the financial year the IMF’s liquidity ratio had risen to 89 percent.