Factsheet
A Guide To Committees, Groups, And Clubs
September 11, 2009
Political leaders and officials from around the world shape the work of the IMF through their decision-making bodies. With the IMF at the center of the coordinated global response to events in international financial markets and the world's economies, understanding what these groups do and how they work is more important than ever.
International Monetary and Financial Committee
The IMFC is responsible for of advising, and reporting to, the Board of Governors as it manages and shapes the international monetary and financial system. It also monitors developments in global liquidity and the transfer of resources to developing countries; considers proposals by the Executive Board to amend the Articles of Agreement; and deals with unfolding events that may disrupt the global financial system.
The IMFC usually meets twice a year, in September or October before the Bank-Fund Annual Meetings and in March or April at what are referred to as the Spring Meetings. The Committee discusses matters of concern affected the global economy and also advises the IMF on the direction of 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 IMFC has 24 members who are governors of the Fund, ministers, or others of comparable rank and who are drawn from the pool of 184 governors. The membership reflects the composition of the IMF's Executive Board: each member country that appoints, and each group of member countries that elects, an Executive Director appoints a member of the IMFC. The group is currently chaired by Youssef Boutros-Ghali, the Minister of Finance of Egypt. He was selected to head the Committee in October 2008 (see press release). A number of international institutions, including the World Bank, participate as observers in the IMFC's meetings.
| IMFC Membership | ||
|---|---|---|
| Nationalities of Current Members: | ||
| Egypt (Chair) Algeria Argentina Belgium Brazil Canada China France Gabon |
Germany India Indonesia Italy Japan Korea Netherlands Russia Saudi Arabia |
South Africa Spain Sweden Switzerland United Arab Emirates United Kingdom United States |
Development Committee
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 Development Committee has 24 members (usually ministers of finance or development) who together represent the full membership of the IMF and World Bank. The present chairperson is Mr. Agustín Carstens, Mexico's Secretary of Finance and Public Credit.
The Joint Ministerial Committee of the Boards of Governors of the Bank and Fund on the Transfer of Real Resources to Developing Countries, better known as the Development Committee, was established in October 1974 to advise the Boards of Governors of the IMF and World Bank on critical development issues and on the financial resources required to promote economic development in developing countries. Over the years, the Committee has interpreted its mandate to include trade and global environmental issues in addition to traditional development matters. The Committee usually meets twice a year.
| Development Committee Membership | ||
|---|---|---|
| Governors of the World Bank for: | ||
| Mexico (Chair) Argentina Australia Bahrain Belgium Brazil Canada China Cote d'Ivoire |
France Germany India Indonesia Italy Japan Morocco Netherlands Nigeria |
Norway Russia Saudi Arabia Switzerland United Kingdom United States Venezuela |
Financial Stability Board
In order to strengthen the surveillance of financial markets, the G-20 leaders decided in April 2009 to expand the membership of the former Financial Stability Forum and renamed it the Financial Stability Board. The new membership includes all G-20 counties, the former FSF members, Spain and the European Commission.
The objectives of the FSB remain to improve the functioning of financial markets, and the reduction of systemic risk through enhanced information exchange and international cooperation among the authorities responsible for maintaining financial stability.
The FSF first met on April 14, 1999, at IMF headquarters, and has since then met semi-annually. The FSF was made an observer of the IMFC in September 1999.
Mr. Mario Draghi, Governor of the Banca d'Italia, chairs the FSB in his personal capacity. It has 42 members, consisting of 26 senior representatives of national authorities responsible for financial stability in 11 significant international financial centers (in Australia, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Singapore, the United Kingdom, and the United States); six senior representatives of four international financial institutions (Bank for International Settlements, IMF, Organization for Economic Cooperation and Development, and the World Bank); seven senior representatives of three international regulatory and supervisory bodies (Basel Committee on Banking Supervision, International Organization of Securities Commissions, and International Association of Insurance Supervisors); a representative each of two committees of central bank experts (Committee on the Global Financial System and Committee on Payment and Settlement Systems); a representative of the European Central Bank and the Chairman.
| Financial Stability Board Membership | ||
|---|---|---|
| Chairman (1) | ||
| National Authorities (26) | ||
| International Financial Institutions (6) | ||
| International Regulatory and Supervisory Groupings (7) | ||
| Committees of Central Bank Experts (2) | ||
| European Central Bank (1) | ||
Group of Seven
The Group of Seven (G-7) major industrial countries began to hold annual economic summits (meetings at the level of head of state or government) in 1975. At the level of finance minister and central bank governor, the G-7 superseded the G-5 as the main policy coordination group during 1986–1987, particularly following the Louvre Accord of February 1987, which was agreed by the G-5 plus Canada and subsequently endorsed by the G-7. Since 1987, the G-7 finance ministers and central bank governors have met at least semi-annually to monitor developments in the world economy and assess economic policies. The Managing Director of the IMF usually participates, by invitation, in the surveillance discussions of the G-7 finance ministers and central bank governors. Although Russia has joined the group, thereby forming the Group of Eight (see below), the G-7 continues to function as a forum for discussion of economic and financial issues among the major industrial countries.
| G-7 Members | ||
|---|---|---|
| Canada | Japan | |
| France | The United Kingdom | |
| Germany | The United States | |
| Italy | ||
Group of Eight
The Group of Eight (G-8) was conceived when Russia first participated in part of the 1994 Naples Summit of the G-7. Again in 1997, Russia joined, for political discussions, the Denver Summit after the conclusion of the G-7 economic summit. At the 1998 Birmingham Summit, Russia joined as full participant, which marked the establishment of the Group of Eight., which convenes annual summits of the heads of state or government of the major industrial countries to discuss the major economic and political issues on their agenda.
| G-8 Members | ||
|---|---|---|
| Canada | Japan | |
| France | Russia | |
| Germany | The United Kingdom | |
| Italy | The United States | |
Group of Ten
The Group of Ten (G-10) refers to the group of countries that have agreed to participate in the General Arrangements to Borrow (GAB), a supplementary borrowing arrangement that can be invoked if the IMF's resources are estimated to be below member's needs. The GAB was established in 1962, when the governments of eight IMF members—Belgium, Canada, France, Italy, Japan, the Netherlands, the United Kingdom, and the United States—and the central banks of two others, Germany and Sweden, agreed to make resources available to the IMF for drawings by participants, and, under certain circumstances, for drawings by nonparticipants. The GAB was strengthened in 1964 by the association of Switzerland, then a nonmember of the Fund, but the name of the G-10 remained the same. The following international organizations are official observers of the activities of the G-10: The Bank for International Settlements (BIS), European Commission, IMF, and OECD.
| G-10 Members | ||
|---|---|---|
| Belgium | Netherlands | |
| Canada | Sweden | |
| France | Switzerland | |
| Germany | The United Kingdom | |
| Italy | The United States | |
| Japan | ||
Group of 15
The Group of Fifteen (G-15) was established at the Ninth Non-Aligned Summit Meeting in Belgrade, Yugoslavia in September 1989. It is composed of countries from Latin America, Africa, and Asia with a common goal of enhanced growth and prosperity. The G-15 focuses on cooperation among developing countries in the areas of investment, trade, and technology. The membership of the G-15 has expanded to 17 countries, but the name has remained unchanged.
| G-15 Members | ||
|---|---|---|
| Algeria | Indonesia | Peru |
| Argentina | Jamaica | Senegal |
| Brazil | Kenya | Sri Lanka |
| Chile | Malaysia | Venezuela |
| Egypt | Mexico | Zimbabwe |
| India | Nigeria | Islamic Rep. of Iran |
Group of 20
The Group of Twenty (G-20), which superseded the Group of 33 (see below), was foreshadowed at the Cologne Summit of the G-7 in June 1999, but was formally established at the G-7 Finance Ministers' meeting on September 26, 1999. The inaugural meeting took place on December 15–16, 1999 in Berlin. The G-20 was formed as a new forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.
As the global economic crisis has unfolded, the G-20 Heads of State and Government met in November 2008, and in April and September 2009 to agree on a common agenda for action, as well as to commit to increase financial resources available to the IMF.
The membership of the G-20 comprises the finance ministers and central bank governors of the G-7, 12 other key countries, and also the European Union, which is represented by the rotating Council Presidency and the European Central Bank. To ensure that global economic fora and institutions work together, the Managing Director of the IMF and the President of the World Bank, plus the Chairs the IMFC and the Development Committee of the IMF and World Bank, also participate in G-20 meetings on an ex-officio basis. The United Kingdom is the 2009 chair of the G-20.
| G-20 Members | |||
|---|---|---|---|
| Argentina | France | Japan | South Africa |
| Australia | Germany | Korea | Turkey |
| Brazil | India | Mexico | The United Kingdom |
| Canada | Indonesia | Russia | The United States |
| China | Italy | Saudi Arabia | |
Group of 24
The Group of Twenty Four (G-24), a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters. The group, which is officially called the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, is not an organ of the IMF, but the IMF provides secretariat services for the Group. Its meetings usually take place twice a year, prior to the IMFC and Development Committee meetings, to enable developing country members to discuss agenda items beforehand. Although membership in the G-24 is strictly limited to 24 countries, any member of the G-77 can join discussions. China has been a “special invitee” since the Gabon meetings of 1981. Mr. Adib Mayaleh, Governor of the Central Bank of Syria, is the current chairman of the G-24.
| G-24 Members | |||
|---|---|---|---|
| Algeria | Egypt | Islamic Rep. of Iran | Philippines |
| Argentina | Ethiopia | Lebanon | South Africa |
| Brazil | Gabon | Mexico | Sri Lanka |
| Colombia | Ghana | Nigeria | Syrian Arab Republic |
| Cote D'Ivoire | Guatemala | Pakistan | Trinidad and Tobago |
| Dem. Rep. of Congo | India | Peru | Venezuela |
Group of 77
The Group of Seventy Seven (G-77) was established on June 15, 1964, by the “Joint Declaration of the Seventy-Seven Countries” issued at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva. It was formed to articulate and promote the collective economic interests of its members and to strengthen their joint negotiating capacity on all major international economic issues in the United Nations system. The membership of the G-77 has expanded to 130 member countries, but the original name has been retained because of its historical significance. The Chairmanship rotates on a regional basis (between Africa, Asia and Latin America and the Caribbean) and is held for one year. Currently the Republic of the Sudan holds the Chairmanship of the Group of 77 in New York for the year 2009.
| G-77 Members | |||
|---|---|---|---|
| Afghanistan | Dem. Republic of the Congo | Libyan Arab Jamahiriya | Samoa |
| Algeria | Djibouti | Madagascar | São Tomé and Principe |
| Angola | Dominica | Malawi | Saudi Arabia |
| Antigua and Barbuda | Dominican Republic | Malaysia | Senegal |
| Argentina | Ecuador | Maldives | Seychelles |
| Bahamas | Egypt | Mali | Sierra Leone |
| Bahrain | El Salvador | Marshall Islands | Singapore |
| Bangladesh | Equatorial Guinea | Mauritania | Solomon Islands |
| Barbados | Eritrea | Mauritius | Somalia |
| Belize | Ethiopia | Federated States of Micronesia | South Africa |
| Benin | Fiji | Mongolia | Sri Lanka |
| Bhutan | Gabon | Morocco | Sudan |
| Bolivia | Gambia | Mozambique | Suriname |
| Bosnia and Herzegovina | Ghana | Myanmar | Swaziland |
| Botswana | Grenada | Namibia | Syrian Arab Republic |
| Brazil | Guatemala | Nepal | Tanzania |
| Brunei Darussalam | Guinea | Nicaragua | Thailand |
| Burkina Faso | Guinea-Bissau | Niger | Timor-Leste |
| Burundi | Guyana | Nigeria | Togo |
| Cambodia | Haiti | Oman | Tonga |
| Cameroon | Honduras | Pakistan | Trinidad and Tobago |
| Cape Verde | India | Palestine | Tunisia |
| Central African Republic | Indonesia | Panama | Turkmenistan |
| Chad | Islamic Republic of Iran | Papua New Guinea | Uganda |
| Chile | Iraq | Paraguay | The United Arab Emirates |
| China | Jamaica | Peru | Uruguay |
| Colombia | Jordan | Philippines | Vanuatu |
| Comoros | Kenya | Qatar | Venezuela |
| Congo | Kuwait | Rwanda | Viet Nam |
| Costa Rica | Lao People's Dem. Rep. | St. Kitts and Nevis | Yemen |
| Côte d'Ivoire | Lebanon | St. Lucia | Zambia |
| Cuba | Lesotho | St. Vincent and the Grenadines | Zimbabwe |
| Dem. People's Republic of Korea | Liberia | ||
Creditor Clubs
Paris Club
The Paris Club is an informal group of official creditors, industrial countries in most cases, that seeks solutions for debtor nations facing payment difficulties. Paris Club creditors agree to reschedule debts due to them. Although the Paris Club has no legal basis, its members agree to a set of rules and principles designed to reach a coordinated agreement on debt rescheduling quickly and efficiently. This voluntary gathering dates back to 1956, when Argentina agreed to meet its public creditors in Paris. Since then, the Paris Club, and related ad hoc groups, has reached over 410 agreements covering 86 debtor countries. The Paris Club and the IMF have extensive contact, since the Paris Club normally requires countries to have an active Fund-supported program in order to qualify for a rescheduling agreement.
London Club
The London Club is an informal group of commercial banks that join together to negotiate their claims against a sovereign debtor. The debtor initiates a process in which a London Club “Advisory Committee” is formed. The Committee is chaired by a leading financial firm and includes representatives from other exposed firms. Upon signing of a restructuring agreement, the Committee is dissolved.
Archive
With the passage of time, a number of committees, groups and clubs have changed or have been superseded. Some of these are archived in this section.
Group of 5
The Group of Five (G-5) major industrial countries was established in the mid-1970s to coordinate the economic policies of France, Germany, Japan, the United Kingdom, and the United States. (These countries' currencies also constituted the SDR, an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries). The G-5 was the main policy coordination group among the major industrial countries through the Plaza Agreement of September 1985. It was subsequently superseded by the G-7.
Group of 22
The establishment on a temporary basis of the Group of Twenty Two (referred to also as the “Willard Group”) was announced by President Clinton and the other leaders of APEC countries at their meeting in Vancouver in November 1997, when they agreed to organize a gathering of finance ministers and central bank governors to advance the reform of the architecture of the global financial system. The G-22 comprised finance ministers and central bank governors from the G-7 industrial countries and 15 other countries (Argentina, Australia, Brazil, China, Hong Kong SAR, India, Indonesia, Korea, Malaysia, Mexico, Poland, Russia, Singapore, South Africa, and Thailand). It first met on April 16, 1998 in Washington, D.C. to examine issues related to the stability of the international financial system and effective functioning of global capital markets. It was superseded first by the G-33 and then by the G-20.
Group of 33
The Group of Thirty Three (G-33) superseded the G-22 in early 1999, and was itself superseded by the G-20 later in the year. Several seminars of the G-33 on the international financial architecture were convened at the initiative of the finance ministers and central bank governors of the G-7. The first meeting was hosted by Germany in Bonn on March 11, 1999.
The G-33 consisted of the finance ministers and central bank governors of Argentina, Australia, Belgium, Brazil, Canada, Chile, China, Côte d'Ivoire, Egypt, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, Morocco, the Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom, and the United States.