**The International Monetary and Financial Committee (IMFC)** today endorsed a “Plan of Action” announced earlier by the Group of Seven (G-7) advanced economies “to combat the international financial crisis.” The IMFC is a policy-setting body representing the IMF’s 185-member countries. Chairman Youssef Boutros-Ghali said the meeting showed the *”resolve, unity, and focus”* of the world community to address the crisis and that *”no tools will be spared”* in addressing it. The IMFC had convened as part of the IMF-World Bank Annual Meetings in Washington DC.
IMF Managing Director Dominique Strauss-Kahn commented on the sense of gravity and determination of the meetings, and characterized the IMFC endorsement of the G-7 plan as the first concrete step in coordinated global action by emerging markets, low-income countries, and the advanced economies to combat the crisis. The IMFC has called for *”further intensive Fund engagement across the membership to discuss and develop robust policy responses to the crisis.”*, while acknowledging that actions taken by individual governments would vary, depending on their situation and structure of the financial system. It called on the IMF to take the lead in drawing the necessary policy lessons from the current crisis and recommending effective actions to restore confidence and stability.
The IMF also was asked to focus discussion, and enhance cooperation, with a wide range of perspectives with the Financial Stability Forum, the Group of Twenty, and others on this issue in an inclusive setting.*”The Committee asks the IMF to start this initiative immediately and to report to the IMFC at the latest at its next meeting.”* The IMFC meets next in April.