Governor Lesetja Kganyago hands over reins of International Monetary and Finance Committee

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Lesetja Kganyago. Picture: Gallo Images/Ziyaad Douglas
Lesetja Kganyago. Picture: Gallo Images/Ziyaad Douglas

SA Reserve Bank Governor Lesetja Kganyago has completed his three-year term as chairperson of the International Monetary and Finance Committee (IMFC)

The IMFC on Thursday issued a statement commending Kganyago for his service. Kganyago was appointed in 2018. Sweden's finance minister Magdalena Andersson is his successor.

The IMFC consists of finance ministers and central bank governors from across the world - it is the primary advisory body of the IMF board of governors. The committee meets twice a year - during the World Bank-IMF meetings in April and again in October.

In a communiqué following the 43rd meeting of the IMFC, the committee indicated its commitment to working to end the Covid-19 pandemic and ensure a sustainable and inclusive recovery. It noted that while the global economic recovery is faster than previously expected at the time of the October meetings, it is still uncertain and uneven across different countries.

"The crisis may cause extended scarring and exacerbate poverty and inequalities, while climate change and other shared challenges are becoming more pressing," the IMFC said.

The IMFC also called for stronger international cooperation in accelerating vaccine production and ensuring affordable and equitable access.

"Where appropriate, monetary policy should remain accommodative, in line with central banks' mandates," it said.

The IMFC added that it is working to help vulnerable countries with financing needs. "We will work together to continue strengthening debt transparency practices by both debtors and creditors, public and private, and supporting countries' efforts to maintain debt sustainability."

It also noted the proposal of the IMF to boost the Special Drawing Rights to $650 billion - to provide additional liquidity to the global economic system. The allocation will supplement reserve assets of the IMF's 190 member countries. IMF managing director Kristalina Georgieva previously said she intends to submit a formal proposal to the board by June.

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