What is IMFC?

Question

Asked: October 29, 20202020-10-29T19:41:06+05:30 2020-10-29T19:41:06+05:30In: UPSC PRELIMS

Describe IMFC.

Sweety · Accepted Answer · 2020-10-29T19:49:47+05:30

IMFC stands for International Monetary and Financial Committee.
The IMFC is the International Monetary Fund’s (IMF) Committee at the Ministerial level. The size of the IMFC and its composition are matched by that of the Executive Board.
The IMFC has 24 members who are governors of the central bank, ministers, or others of similar rank.
A member of the IMFC is appointed by each member country and by each community of member countries that elects the Executive Director.
The IMFC advises and reports on the regulation and management of the international monetary and financial system to the IMF Board of Governors.
It also considers the Executive Board ‘s recommendations to amend the Articles of Agreement and advises the Board of Governors on all other issues that may be referred to it.
In reality, while the IMFC does not have formal decision-making authority, it has become a crucial instrument for providing strategic guidance for the Fund ‘s work and policies.