Press Release: IMF Board of Governors Approves Transformation of Interim Committee
September 30, 1999
The Board of Governors of the International Monetary Fund (IMF) today adopted a Resolution approving a proposal of the Executive Board to transform the Interim Committee of the Board of Governors on the International Monetary System into the International Monetary and Financial Committee of the Board of Governors.
The International Monetary and Financial Committee in addition to the name change, which adds "and financial," as part of its terms of reference there is now an explicit provision for preparatory meetings of representatives of the Committee members (deputies). The new Committee will continue to advise and report to the Board of Governors with respect to the functions of the Board of Governors in:
· supervising the management and adaptation of the international monetary and financial system, including the continuing operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of real resources to developing countries;
· considering proposals by the Executive Board to amend the Articles of agreement; and
· dealing with sudden disturbances that might threaten the system.
In addition, the Committee shall advise and report to the Board of Governors on any other matters on which the Board of Governors may seek the advice of the Committee.
The members of the International Monetary and Financial Committee are governors of the IMF, Ministers or others of comparable rank, reflects the composition of the Executive Board: each country that appoints, and each group that elects, an Executive Director, appoints a member of the Committee. The Chairman of the Committee is Gordon Brown, Chancellor of the Exchequer of the United Kingdom.