Source: This post is based on the article “Finance Minister attends Plenary Meeting of the International Monetary and Financial Committee (IMFC)” published in PIB on 16th October 2021.
What is the News?
The Union Minister for Finance has recently attended the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund(IMF). The event occurred at the Annual Meetings 2021 held in Washington D.C.
Note: The discussions at the meeting centered on “vaccinate, calibrate and accelerate” which is the theme of the IMFs Managing Director’s Global Policy Agenda.
What is the International Monetary and Financial Committee(IMFC)?
IMFC is one of the Ministerial-level committees of the International Monetary Fund(IMF).
Meeting: The committee meets twice a year, once during the Fund-Bank Spring Meetings in April, and again during the Annual Meetings in October.
Functions: The Committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work.
Composition: The IMFC has 24 members who are central bank governors, ministers, or others of comparable rank and who are usually drawn from the governors of the Fund’s 190 member countries.
Powers: IMFC has no formal decision-making powers. But in practice, it has become a key instrument for providing strategic direction to the work and policies of the IMF.
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. They operate by consensus.
Terms to know:
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