The Minister of Finance, Malusi Gigaba, is pleased to announce that Mr Lesetja Kganyago, Governor of the South African Reserve Bank (SARB) and South Africa’s Alternate Governor on the International Monetary Fund (IMF) Board of Governors, has been selected as the next chair of the International Monetary and Financial Committee (IMFC), for a three-year term, with effect from 18 January 2018.

Mr Kganyago will be the first IMFC Chair from the sub-Saharan African (SSA) region and his appointment will strengthen South Africa’s ongoing attempts to enhance the representation of the region in the decision-making structures of the IMF. He will be replacing Mr Agustín Carstens, the Governor of the Central Bank of Mexico, who is taking up a position as General Manager at the Bank for International Settlements (BIS).

The 24-member IMFC is the primary advisory committee to the IMF Board of Governors, and addresses issues such as the supervision and management of the international monetary and financial system, including responses to unfolding events that may disrupt the system. It also considers proposals by the Executive Board to amend the IMF’s Articles of Agreement and advises on other matters that the Board of Governors may refer to it.

Although the IMFC, which consists mostly of Finance Ministers and Central Bank Governors, has no formal decision-making powers, it has become a key instrument for providing strategic direction to the work and policies of the IMF. Its structure mirrors that of the IMF’s Executive Board and its 24 constituencies.

The Minister of Finance congratulates Mr Kganyago on his appointment and wishes him well in this important role. Mr Kganyago will be an excellent IMFC chair given his experience in international financial governance matters during his current role as the Governor of the SARB since 2014, and his previous role as Director-General of the National Treasury. Mr Kganyago currently chairs committees in the Southern African Development Community and the Financial Stability Board, and in 2007, led South Africa’s technical team during its presidency of the G20.

Issued by Ministry of Finance