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GS-II : International organisation IMF

16 October, 2021
13 Min Read

International Monetary and Financial Committee-IMFC

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attended the Plenary Meeting of the International Monetary and Financial Committee (IMFC) of the Board of Governors of the International Monetary Fund (IMF) at the Annual Meetings 2021 held in Washington D.C. on 14th October 2021.

International Monetary and Financial Committee

It is the Ministerial-level committee of the International Monetary Fund (IMF).
It meets twice a year, once during the Fund-Bank Annual Meetings in October and once 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.
Functions:
- It discusses the management of the international monetary and financial system.
- It advises the IMF on any other matters of common concern affecting the global economy.
IMFC has 24 members, drawn from the pool of 189 governors, and represents all member countries.
India is one of the current members.
It operates on consensus, including on the selection of its chairman.

Imp Points of the meeting

The discussions at the meeting centred on “vaccinate, calibrate and accelerate” which is the theme of the Managing Director's Global Policy Agenda. The members of the IMFC elaborated the actions and measures taken by member countries to combat COVID-19 and facilitate economic recovery.
Finance Minister Smt. Sitharaman conveyed that India recognises that universal vaccination is the key to stemming the spread of the virus.
She asserted that the stark differences in vaccination coverage between low-income countries and advanced countries are of concern and it is critical that we need to address vaccine inequity.
The Finance Minister emphasized the importance of the multilateral approach with the principles of equity and common, but differentiated, responsibilities and capabilities to combat climate change.
Smt. Sitharaman stressed that it is important to recognize the formidable challenges faced by developing countries in getting access to affordable financing and technology.

Source: PIB

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