Global economic leaders gathered for the plenary of the IMFC in Morocco Saturday (Oct. 14) in Marrakech, Morocco. Thousands of journalists, policymakers, bankers and civil society organizations are gathered there for the Annual Meetings of the IMF and World Bank.
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.
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 statement summarizing its views. These statements provide guidance for the IMF’s work program during the half year leading up to the next Spring or Annual Meetings.
The size and 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 IMF's 190 member countries, with the newest member, Andorra joining the IMF in October 2020.
Each member country and each group of member countries that elects an Executive Director appoints a member of the IMFC. The group is currently chaired by Nadia Calviño, Spain's First Vice President and Minister of Economic Affairs and Digital Transformation. She was selected to head the Committee for a term of two years effective January 3, 2022.
The IMFC operates by consensus, including on the selection of its chair. While there are no formal rules on term limits, since 2007 IMFC chairs have been appointed for a term of three years. A number of international institutions, including the World Bank, participate as observers in the IMFC’s meetings.
A copy of the Chair Statement is available at IMF.org