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International Monetary And Financial Committee

International Monetary And Financial Committee:

Union Finance Minister recently attended the International Monetary and Financial Committee in Washington DC.

  • The IMF Board of Governors is advised by two ministerial committees, the International Monetary and Financial Committee (IMFC) and the Development Committee.
  • The IMFC has 24 members, drawn from the pool of 190 governors.
  • Its structure mirrors that of the Executive Board and its 24 constituencies.
  • As such, the IMFC represents all the member countries of the Fund.
  • The IMFC meets twice a year, during the Spring and Annual Meetings.
  • The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction its work.

The Development Committee:

  • It is a joint committee, tasked with advising the Boards of Governors of the IMF and the World Bank on issues related to economic development in emerging and developing countries.
  • The committee has 24 members (usually ministers of finance or development).
  • It represents the full membership of the IMF and the World Bank and mainly serves as a forum for building intergovernmental consensus on critical development issues.