International Monetary And Financial Committee Meeting:
International Monetary and Financial Committee meeting was held recently.
- The meeting was attended by Governors/Alternate Governors representing 190-member countries of the IMF.
- The discussions at the meeting centered on “vaccinate, calibrate and accelerate” which is the theme of the Managing Director’s Global Policy Agenda.
- The members of the IMFC elaborated the actions and measures taken by member countries to combat COVID-19 and facilitate economic recovery.
- The IMFC has 24 members, drawn from the pool of 187 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.
- Functions: 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.
- At the end of the Meetings, the Committee issues a joint communiqué summarizing its views. These communiqués provide guidance for the IMF’s work program during the six months leading up to the next Spring or Annual Meetings. There is no formal voting at the IMFC, which operates by consensus.