International Monetary and Financial Committee

The Union Minister of Finance and Corporate Affairs attended the plenary meeting of IMFC through video-conferencing in light of the COVID-19 crisis.

About IMFC

The International Monetary and Finance Committee is a body under the IMF (International Monetary Fund). It is an advisory body without decision making powers but helps in providing strategic direction to IMF. It recently met via video-conferencing to discuss on ‘Exceptional Times- Exceptional Action’ global policy agenda.

Meetings

The IMFC meets twice every year- the annual meeting in October and the spring meeting in April. The meetings are bank-funded and involves the discussion of common concerns affecting the economy. The draft agenda for each meeting is prepared by the Managing Director, discussed by the Executive Boards, approved by the IMFC chair and then adopted at the meeting. The communiques summarized at the end of these meetings serve as guidance for the IMF’s work program.

Composition

The size and composition of the IMFC is similar to that of the IMF’s Executive Board. It has 24 members who are ministers, central bank governors or other persons of comparable rank from the 189 member countries of IMF. It is headed by a chairperson who holds the post for a term of 3 years.

Functions

Some of the functions of IMFC are:

• Provides advice and reports to the Board of Governors regarding the supervision and management of international monetary and financial system such as responses to disruptive events.
• Considers proposals from the Executive Board to amend the Articles of Agreement.
• Provides advice on matters referred to it by the Board of Governors.