Plenary Meeting of the Development Committee (DC) of the World Bank Group and the IMF and the Restricted Session of the International Monetary and Finance Committee (IMFC) were recently held in Washington D.C.
- The meetings comprised of discussion sessions on the ‘Forward Look’ exercise carried-out by the World Bank focusing on ‘A Vision for the World Bank Group in 2030 – Progress and Challenges’, Progress Report on the Shareholding Review and a paper on ‘A Stronger World Bank Group for All’.
- The discussions also centred on the global economic outlook, the resource base and governance framework of IMF and the importance of inclusiveness in terms of distribution of the benefits from global integration.
- Indian finance minister Arun Jaitley participated in the meetings. He called for renewing the commitment to reach a decision on Selective Capital Increase (SCI) and General Capital Increase (GCI) by Annual Meetings 2017 in line with the 2015 Lima roadmap.
The IMF Board of Governors is advised by two ministerial committees, the International Monetary and Financial Committee (IMFC) and the Development Committee.
The IMFC has 24 members, drawn from the pool of 187 governors. Its structure mirrors that of the Executive Board and its 24 constituencies. As such, the IMFC represents all the member countries of the Fund.
- The IMFC meets twice a year, during the Spring and Annual Meetings. The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction its work.
- At the end of the Meetings, the Committee issues a joint communiqué summarizing its views. These communiqués provide guidance for the IMF’s work program during the six months leading up to the next Spring or Annual Meetings. There is no formal voting at the IMFC, which operates by consensus.
The Development Committee is a joint committee, tasked with advising the Boards of Governors of the IMF and the World Bank on issues related to economic development in emerging and developing countries. The committee has 24 members (usually ministers of finance or development). It represents the full membership of the IMF and the World Bank and mainly serves as a forum for building intergovernmental consensus on critical development issues.