International Monetary and Financial Committee (IMFC)

In this article, We learn about "International Monetary and Financial Committee (IMFC)".Let's Go!

IMFC Provides advice and reports to the Board of Governors of the International Monetary Fund on the supervision and management of the international monetary and financial system, including on ongoing events that may disrupt the international monetary system. event response system.

It also considers proposals from the Executive Committee to amend the terms of the Agreement and makes recommendations on any other matters that may be referred to it by the Council.

Although the International Monetary and Financial Committee has no formal decision-making authority, in practice it has become a key tool in providing strategic direction for the Fund's work and policies.

IMFC usually meets twice a year, namely the Bank Fund Annual Meeting and the Spring Meeting.

For each meeting, the Managing Director prepares a draft agenda, which is discussed by the Executive Board, approved by the IMFC Chairman, and officially adopted by IMFC at the meeting.

At the end of the meeting, the committee issued a communiqué summarizing its views. These communiqués provide guidance on the IMF's work program in the six months leading up to the next spring or annual meeting.

The size and composition of the IMFC is the same as that of the Executive Council.

The IMFC has 24 members who are central bankers, ministers or other equivalents, usually from the IMF’s 189 member countries.

Each Member State and each group of Member States that elects the Executive Director appoints a member of the International Monetary and Financial Committee.

IMFC operates by consensus, including the election of the Chairman. Although there have been no formal term limits rules since 2007, the chair of the International Monetary and Financial Committee is elected for three years.

Many international institutions, including the World Bank, participate in meetings of the International Monetary and Financial Committee as observers.

IMFC Member Chairman (South Africa)Current member nationality:Algeria
Argentina
Australia
Belgium
Brazil
Canada
China
ComorosFrance
Germany
India
Italy
Japan
Nigeria
RussiaSaudi Arabia
Spain
Sweden
Switzerland
Thailand
Turkey
United Arab Emirates
UK
USA

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