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.