IMFC
- October 16, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
No Comments
Subject: International Organisation
Context : Finance Minister addressed Plenary meeting of International Monetary anfd financial committee through video conferencing.
Concept :
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.
- This year, due to the Covid-19 outbreak, the meeting took place through video-conference.
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.