International Monetary And Financial Committee

Explanation :

• The size and the composition of the IMFC mirrors that of the Executive Board. 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 189 member countries.
• Each member country and each group of member countries that elects an Executive Director appoints a member of the IMFC.
• The IMFC usually meets twice a year, at the Bank-Fund Annual and Spring Meetings.
• For each meeting, the Managing Director prepares a draft agenda that is discussed by the Executive Board, approved by the IMFC Chair, and formally adopted by the IMFC at the meeting.
• At the end of the meetings, the Committee issues a communiqué summarizing its views.
• These communiqués provide guidance for the IMF’s work program during the half year leading up to the next Spring or Annual Meetings.

Function

• 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 direction to the work and policies of the Fund.