The members of the International Monetary and Financial Committee (IMFC) have asked Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance, to extend his term as Chairman of the Committee by one year upon the conclusion of his term on March 22, 2014. Minister Tharman, who was selected as Chairman for a term of up to three years (see Press Release No. 11/96), has accepted the extension.

The members of the IMFC view Minister Tharman’s strong leadership as valuable in the Committee’s deliberations, and continuity of his leadership in the year ahead as particularly helpful in ensuring that all members’ views are taken into account, including with respect to significant ongoing reforms.

The IMFC, comprising finance ministers and central bank governors, is the IMF’s policy advisory committee. It deliberates on the principal policy issues facing the IMF and the international monetary and financial system. 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. The IMFC meets twice a year—in the spring and at the time of the IMF-World Bank Annual Meetings in the fall.