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Source: Government of Sweden

Minister for Finance Magdalena Andersson was today unanimously selected as Chair of the International Monetary and Financial Committee (IMFC), the highest advisory body in the International Monetary Fund (IMF). She will combine the position, which she will take up on 18 January 2021, with her post as Minister for Finance.

“I am honoured to have been selected and by the great support from all members of the IMFC,” says Ms Andersson. “The global economy faces many challenges that the countries of the world need to tackle together, such as kick-starting the economy following the pandemic, mitigating risks in economies with high levels of debt, and accelerating the climate transition. The IMF plays an important role in crisis response and it can help ensure that the pandemic does not wipe out decades of successful economic development in developing countries.”

The IMFC is the IMF’s highest advisory body. It is composed of finance ministers and heads of central banks representing the entire IMF membership (190 countries). The IMFC usually meets twice a year in connection with the IMF and World Bank Group Annual and Spring Meetings, which are habitually held in Washington in April and October. At upcoming meetings, the IMFC agenda is expected to centre on the economic recovery following the COVID-19 pandemic.

It is more than 50 years since a Swede occupied such an influential position in the IMF, and the first time ever that this post has been held by a woman. The last time the IMFC was chaired by a European was in 2008, when then Italian Minister of Economy and Finance Tommaso Padoa-Schioppa held the post.

MIL OSI Europe News