International Monetary and Financial Committee (IMFC)
Tue, Apr 15The IMFC provides advice and reports to the IMF Board of Governors regarding the oversight and management of the international monetary and financial system, including responses to emerging events that could disrupt the system.
It also reviews proposals from the Executive Board to modify the Articles of Agreement and offers guidance on any other issues referred to it by the Board of Governors.
Although the IMFC lacks formal decision-making authority, it has effectively become a vital tool for steering the strategic direction of the Fund's work and policies.
The IMFC typically convenes twice a year during the Bank-Fund Annual and Spring Meetings.
For each meeting, the Managing Director drafts an agenda that is discussed by the Executive Board, approved by the IMFC Chair, and formally adopted by the IMFC during the meeting.
At the conclusion of the meetings, the Committee releases a communiqué that summarizes its perspectives. These communiqués serve as guidance for the IMF’s work program in the six months leading up to the next Spring or Annual Meetings.
The size and composition of the IMFC reflect that of the Executive Board.
The IMFC consists of 24 members, including central bank governors, ministers, or individuals of similar rank, typically selected from the governors of the Fund’s 189 member countries.
Each member country, as well as each group of member countries that elects an Executive Director, appoints a member to the IMFC.
The IMFC operates by consensus, including in the selection of its chairman. While there are no formal term limit rules, since 2007, IMFC chairmen have been appointed for a three-year term.
Several international institutions, including the World Bank, participate as observers in the IMFC’s meetings.
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