As described on the IMF website, the International Monetary and Financial Committee (IMFC) "was established on September 30, 1999, by a resolution of the IMF Board of Governors, to replace the Interim Committee of the Board of Governors on the International Monetary System (usually known simply as the Interim Committee), which had been established in 1974. The change signified a strengthening of the role of the primary advisory committee of the Board of Governors. In addition, an explicit provision was introduced for preparatory meetings of representatives (deputies) of Committee members. As the Interim Committee did, the IMFC usually meets twice a year, in September or October before the Bank-Fund Annual Meetings, and in March or April at what are referred to as the Spring Meetings."

The IMF website indicates that: "the IMFC has the responsibility of advising, and reporting to, the Board of Governors on matters relating to the Board of Governors’ functions in supervising the management and adaptation of the international monetary and financial system, including the operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of resources to developing countries; considering proposals by the Executive Board to amend the Articles of Agreement; and dealing with disturbances that might threaten the system."