The International Monetary and Finance Committee (IMFC) of the International Monetary Fund (IMF) met in Washington, DC.
Washington, DC, April 28, 2025 — The International Monetary and Finance Committee (IMFC) of the IMF acknowledged significant uncertainty in trade and finance. However, they commended the co-operation among member countries on various agenda items during the Spring Meetings of the IMF and World Bank held on Friday, April 25, in Washington, DC.
“Indeed, the buzzword throughout the week has been uncertainty. This uncertainty also contributes to market volatility, posing real risks to global growth and financial stability. As Kristalina stated recently, these trade conflicts have been simmering but are now boiling over. In other words, we should not be surprised by the rise in trade tensions. This situation presents an opportunity for all of us to engage in constructive conversations about how we can move forward,” said Saudi Finance Minister Mohammed Aljadaan, currently serving as the acting chair of the IMFC.
The group could not reach a consensus for a communique, but the Fund’s Managing Director commended the progress on challenging issues like increasing funding and reducing global debt.
“They recognized the significance of taking the opportunity to organize their affairs. I noticed a strong determination to address difficult reforms that were often delayed domestically. Their goals include strengthening resilience, removing obstacles to productivity, improving growth prospects in the medium and long term, and tackling underlying domestic imbalances that contribute to external imbalances. In simple terms, addressing external imbalances starts at home,” Georgieva told reporters.
She stated that members agreed on the need for pro-growth reforms, especially for countries requiring consistent aid and support programs.
“We want to see countries taking decisive action on reforms. You can’t borrow your way out of debt; instead, you must focus on growing your economy. When countries enhance their growth potential, they can also reduce their vulnerability,” said Georgieva.
INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE
ATTENDANCE
Chair
Mohammed Aljadaan, Minister of Finance, Saudi Arabia
Managing Director
Kristalina Georgieva
MEMBERS OR ALTERNATES
- Ayman Alsayari, Governor of the Saudi Central Bank, Saudi Arabia (Alternate for Mohammed Aljadaan, Minister of Finance, Saudi Arabia)
- Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, United Arab Emirates
- Edgar Amador Zamora, Minister of Finance and Public Credit, Mexico
- Scott Bessent, Secretary of the Treasury, United States
- Edouard Normand Bigendako, Governor, Bank of the Republic of Burundi
- Luis Caputo, Minister of Economy, Argentina
- Tiff Macklem, Governor of the Bank of Canada (Alternate for Francois-Philippe Champagne, Minister of Finance, Canada)
- Sang Mok Choi, Deputy Prime Minister and Minister of Economy and Finance, Republic of Korea
- Giancarlo Giorgetti, Minister of Economy and Finance, Italy
- Gabriel Galipolo, Governor, Central Bank of Brazil (Alternate for Fernando Haddad, Minister of Finance, Brazil)
- Jan Jambon, Deputy Prime Minister and Minister of Finance, Pensions, National Lottery and Federal Culture Institutions, Belgium
- Katsunobu Kato, Minister of Finance, Japan
- Daniela Stoffel, State Secretary for International Finance, Federal Department of Finance, Switzerland (Alternate for Karin Keller-Sutter, Minister of Finance, Switzerland)
- Lesetja Kganyago, Governor, South African Reserve Bank, South Africa
- Jörg Kukies, Federal Minister of the Ministry of Finance, Germany
- François Villeroy de Galhau, Governor of the Bank of France (Alternate for Eric Lombard, Minister for the Economy, Finance and Industrial and Digital Sovereignty, France)
- Adebayo Olawale Edun, Minister of Finance and the Coordinating Minister of the Economy, Nigeria
- Gongsheng Pan, Governor of the People’s Bank of China
- Rachel Reeves, Chancellor of the Exchequer, H.M. Treasury, United Kingdom
- Pavel Snisorenko, Director, Department of International Financial Relations (Alternate for Anton Siluanov, Minister of Finance, Russian Federation)
- Sanjay Malhotra, Governor, Reserve Bank of India (Alternate for Nirmala Sitharaman, Minister of Finance, India)
- Mehmet Simsek, Minister of Treasury and Finance, Republic of Türkiye
- Salah-Eddine Taleb, Governor, Bank of Algeria
- Perry Warjiyo, Governor, Bank of Indonesia
- Ida Wolden Bache, Governor, Bank of Norway
OBSERVERS
- Agustín Carstens, General Manager, Bank for International Settlements (BIS)
- Elisabeth Svantesson, Chair, Development Committee (DC) and Minister for Finance, Sweden
- Christine Lagarde, President, European Central Bank (ECB)
- Valdis Dombrovskis, Commissioner for Economy and Productivity, European Commission (EC)
- Klaas Knot, Chair, Financial Stability Board (FSB) and President of De Nederlandsche Bank
- Celeste Drake, Deputy Director-General, International Labour Organization (ILO)
- Mathias Cormann, Secretary-General, Organisation for Economic Co-operation and Development (OECD)
- Mohannad Alsuwaidan, Economic Analyst, Petroleum Studies Department, Organization of the Petroleum Exporting Countries (OPEC)
- Achim Steiner, UNDP Administrator, United Nations (UN)
- Rebeca Grynspan, Secretary-General, United Nations Conference on Trade and Development (UNCTAD)
- Ajay Banga, President of the World Bank Group, The World Bank (WB)
- Ngozi Okonjo-Iweala, Director-General, World Trade Organization (WTO)
Source: IMF
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