International Monetary and Finance Committee (IMFC)

WHY IN NEWS?

India’s Finance Minister Nirmala Sitaraman attended the plenary meeting of the International Monetary and Financial Committee (IMFC) through video conferencing.

INTERNATIONAL MONETARY AND FINANCE COMMITTEE

• The IMFC is the ministerial-level committee of the International Monetary Fund (IMF).
• The IMFC meets twice a year, once during the IMF-World Bank Annual Meetings in October and during the Spring Meetings in April.
• The committee discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work.
• 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.
• 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 but operates by consensus.