For the first time since her appointment in December, Nadia Calviño chairs the plenary meeting of the International Monetary and Financial Committee (IMFC), which sets the roadmap for the policies and recommendations of the International Monetary Fund (FMI).
As chair of the IMFC, the Vice-President will also hold bilateral meetings with different members of the committee ahead of the various meetings she is chairing this week. After Thursday's plenary meeting, the Vice-President will appear at a joint press conference with the Managing Director of the International Monetary Fund, Kristalina Georgieva, which will be held in a virtual format.
The IMFC meets twice a year, during the Annual (in autumn) and Spring Meetings of the International Monetary Fund and the World Bank. The IMFC advises and reports to the Fund's Board of Governors on the oversight and management of the international monetary and financial system, and its discussions and conclusions guide this multilateral body's work programme. It has 24 members, representing the Governors of IMF member countries and including the Ministers of the world's major economies.
Calviño is the first Spanish minister to chair this Committee.
Multilateralism, economic stability and boosting recovery
As chair of the IMFC, she will promote the role of international cooperation and multilateralism in maintaining financial stability and boosting global recovery from the pandemic, against a backdrop of food and other commodity supply problems and rising energy prices stemming from the war in Ukraine.
At the IMFC plenary meeting, finance ministers and central bank governors will address the macroeconomic situation, key risks and policy recommendations to address global challenges.
Special Drawing Rights and the Resilience and Sustainability Fund
Another major theme of the meetings will be the fulfilment of the G20 leaders' commitment to channel $100 billion of the $650 billion in Special Drawing Rights (SDRs) allocated in August 2021 to the most vulnerable countries.
In particular, ministers are expected to give the green light to the new Resilience and Sustainability Trust to channel these funds to enable vulnerable low- and middle-income countries to devote resources to the fight against climate change and pandemics.
Members are also expected to make further progress on debt transparency policies and the role of the International Monetary Fund in strengthening climate action, in line with the objectives of the Paris Agreement.
In addition, members will seek to drive efforts towards a more inclusive, digital, green and resilient economy, while providing a continued response to COVID-19.
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UNOFFICIAL TRANSLATION
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Original statement from the Ministry for Economy and Digitalization in Spanish and English