International Monetary and Financial Committee (IMFC) and Development Committee of International Monetary Fund ( IMF )

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 International Monetary and Financial Committee (IMFC)

The IMFC advises and reports to the IMF Board of Governors on:

(1) The supervision and management of the international monetary and financial system,

(2) Proposals by the Executive Board to amend the Articles of Agreement

(3) 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.

The IMFC usually meets twice a year, at the Bank-Fund Annual and Spring Meetings.

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 member countries. Each member country and each group of member countries that elects an Executive Director appoints a member of the IMFC.

The IMFC operates by consensus, including on the selection of its chair. IMFC chairs are appointed for a term of three years ( There are no formal rules on term of chairs ). A number of international institutions, including the World Bank, participate as observers in the IMFC’s meetings.

Development Committee

(1) It is the Joint Ministerial Committee of the Boards of Governors of the Bank and Fund on the Transfer of Real Resources to Developing Countries.

(2) It was established in October 1974 to advise the Boards of Governors of the IMF and World Bank on critical development issues and on the financial resources required to promote economic development in developing countries.

(3) The Committee usually meets twice a year following the IMFC meeting.

The Development Committee has 25 members (usually ministers of finance or development) who together represent the full membership of the IMF and World Bank.

https://www.imf.org/en/About/Factsheets/A-Guide-to-Committees-Groups-and-Clubs

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1867982

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