International Monetary and Financial Committee (IMFC) - 24 members; World Bank is observer

Q.  Which of the following is/are true regarding International Monetary and Financial Committee (IMFC)?

1) The IMFC has 30 members.
2) World Bank, participate as observers in the IMFC’s meeting.
- Published on 13 Oct 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
  • 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.
  • The size and the 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 Fund’s 189 member countries.
  • Each member country that appoints an Executive Director and each group of member countries that elects an Executive Director appoints a member of the IMFC.
  • The group is currently chaired by Agustín Carstens, Governor of Banco de México, who was selected to head the Committee in March 2015.
  • A number of international institutions, including the World Bank, participate as observers in the IMFC’s meeting.

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