International Monetary and Financial Committee

GS PAPER-3,ECONOMY

SOURCE- HINDUSTAN TIMES

  • 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 of its work. 
  • At the end of the Meetings, the Committee issues a joint communiqué summarizing its views. 

Significance:

  • The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including on responses to unfolding events that may disrupt the system. 
  • It also considers proposals by the Executive Board to amend the Articles of Agreement and advises on any other matters that may be referred to it by the Board of Governors.
  • Although the IMFC has no formal decision-making powers, in practice, it has become a key instrument for providing strategic

 

-Khyati Khare

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