IMFC - GS questions based on daily current affairs

ANSWER: Neither 1 nor 2

Explanation:

• The IMFC usually meets twice a year.
• There is an Indian currently amongst the current members of IMFC.
• 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.
• 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.

ANSWER: Only 2

Explanation:

• 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.