NBS Governor Jorgovanka Tabaković participated today, as Serbia’s Governor to the IMF, in the meeting of the International Monetary and Financial Committee (IMFC). The meeting of this advisory body of the IMF was held in Washington DC within the current Spring Meetings of the IMF and WBG.

For the first time, the IMFC gained a new, 25th member from the African continent, thereby fortifying the voices of emerging market and developing countries.

The focus of the meeting was on the key challenges the global economy is faced with, notably the still low global growth prospects, below the historical average, and the high level of public debt. The meeting also underlined the challenges arising from uncertainty in terms of trade and capital flows, and their negative impact on all countries, developed and developing alike.

The meeting particularly underlined the special role of the IMF within the global financial security network as an institution helping member countries overcome balance of payment challenges. They emphasized the importance of a coordinated approach in safeguarding financial stability at a global level and support to strong and inclusive economic growth, while contemplating options for improving cooperation with regional financial institutions.

They also welcomed the IMF’s medium-term priorities contained in the Global Policy Agenda, presented by the IMF Managing Director, which include stepping up support to member countries’ policies that encourage productivity, investments and job creation, as well as securing a platform for mutual cooperation of countries to overcome shared economic challenges.

The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including on the risks in that system.