The IMFC was established in September 1999 to replace the Interim Committee set up in 1974 and strengthen the role of the primary advisory committee of the IMF's Board of Governors. The IMFC advises the Board of Governors on supervising the management and adaptation of the international monetary system and dealing with sudden disturbances that might threaten the stability of the system. The Committee deliberates on the principal policy issues facing the IMF.
The Committee has 24 members, reflecting the composition of the IMF Executive Board. Each member country that appoints, and each group of countries that elects, an Executive Director, appoints a member of the Committee. Committee members are Governors of the IMF, Ministers, or other officials of comparable rank. The Committee usually meets twice a year—in the spring and ahead of the Annual Meetings in the autumn.
Dr. Youssef Boutros-Ghali selected as New Chairman of the IMFC
In October 2008, the members of the International Monetary and Financial Committee (IMFC), the policy steering committee of the International Monetary Fund (IMF) selected Dr. Youssef Boutros-Ghali, the Minister of Finance of Egypt, as Chairman of the Committee. Dr. Boutros-Ghali succeeds Mr. Tommaso Padoa-Schioppa, Italy's former Minister of Economy and Finance, who resigned in May 2008.
Dr. Boutros-Ghali, the first Committee Chairman from among the emerging market and developing countries, assumes the IMFC's chairmanship for a term of up to three years.
As Chairman of the IMFC, Dr. Boutros-Ghali participates in G-20 and G-7 meetings on an ex-officio basis.
IMF/World Bank Meeting - April 2009 |