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International Relations

Plenary Meeting of IMFC

  • 18 Apr 2020
  • 3 min read

Why in News

Recently, the Union Minister of Finance & Corporate Affairs attended the plenary meeting of the International Monetary and Financial Committee (IMFC) through video-conferencing.

Key Points

  • This meeting’s Global Policy Agenda was “Exceptional Times – Exceptional Action”.
  • The IMFC was updated by the members on the actions and measures taken by the member countries to combat Covid-19.
  • The members remarked on IMF’s crisis-response package to address global liquidity and members’ financing needs.
  • India also highlighted that the IMF has always played a pivotal role in maintaining stability of the international monetary and financial system and that it should continue rendering this critical role to the global financial architecture.
  • Measures taken by India to respond to the health crisis and to mitigate its impact were highlighted. Few of them are:

International Monetary and Financial Committee

  • It is the Ministerial-level committee of the International Monetary Fund (IMF).
  • It meets twice a year, once during the Fund-Bank Annual Meetings in October and once during the Spring Meetings in April.
    • This year, due to the Covid-19 outbreak, the meeting took place through video-conference.
  • Functions:
    • It discusses the management of the international monetary and financial system.
    • It advises the IMF on any other matters of common concern affecting the global economy.
  • IMFC has 24 members, drawn from the pool of 189 governors, and represents all member countries. India is one of the current members.
  • It operates on consensus, including on the selection of its chairman.

Source: PIB

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