Press Release: IMFC Selects Dr. Youssef Boutros-Ghali as New Chairman
IMF News, October 6, 2008
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- Published: October 6, 2008
Selection and Term
- Members of the International Monetary and Financial Committee (IMFC) have selected Dr. Youssef Boutros-Ghali, the Minister of Finance of Egypt, as Chairman of the Committee.
- Dr. Boutros-Ghali succeeds Mr. Tommaso Padoa-Schioppa, Italy's former Minister of Economy and Finance, who resigned in May 2008.
- Dr. Boutros-Ghali has accepted the IMFC's chairmanship for a term of up to three years.
- Announcement date: October 6, 2008.
Professional background of Dr. Youssef Boutros-Ghali
- Has been a member of the Egyptian government since 1993.
- Became Minister of Finance in July 2004.
- Previously held ministerial positions in international cooperation, economic affairs, and foreign trade.
- Former IMF staff member.
- Served as chief negotiator of Egypt's fundamental reform programs implemented with IMF support in the late 1980s and early 1990s.
- Noted as the first Committee Chairman from among the emerging market and developing countries.
IMFC mandate and history
- The IMFC was established in September 1999 to replace the Interim Committee set up in 1974.
- Purpose: to strengthen the role of the primary advisory committee of the IMF.
- Role: advises the Board of Governors on supervising the management and adaptation of the international monetary system and dealing with sudden disturbances that might threaten the stability of the system.
- The Committee deliberates on the principal policy issues facing the IMF.
Composition and meetings
- The Committee has 24 members, reflecting the composition of the IMF Executive Board.
- Each member country that appoints, and each group of countries that elects, an Executive Director, appoints a member of the Committee.
- Committee members are Governors of the IMF, Ministers, or other officials of comparable rank.
- The Committee usually meets twice a year—in the spring and ahead of the Annual Meetings in the autumn.
- Next scheduled meeting: October 11, 2008 in Washington, D.C.
Source: Press Release No. 08/234, October 6, 2008.