The International Monetary and Financial Committee of the International Monetary Fund (IMF) held its twelfth annual meeting in Washington, D.C. on September 24, 2005 under the Chairmanship of Mr. Gordon Brown, Chancellor of the Exchequer of the United Kingdom. The communiqué that resulted from the gathering embraced the International Year of Microcredit, and specifically cited the importance of collecting better information on access to finance:
"The year 2005 is the International Year of Microcredit. The Committee notes the IMF's role in improving data availability on microcredit and in addressing microcredit issues in the Financial Sector Assessment Program." (Paragraph 14)
The IMF first showed an interest in the data issue when it co-hosted a technical workshop on the subject with the World Bank and the United Nations Capital Development Fund (UNCDF) under the auspices of the International Year of Microcredit in November 2004.[1] As a result of this meeting, the World Bank, the UK's Department for International Development (DFID) and South Africa's FinMark Trust went on to establish a working group to pioneer core and headline indicators to measure access to finance around the world.[2] Initial results of these efforts were launched at the parallel annual meeting of the Board of Governors of the World Bank Group.[3]
Since that time, the Advisors Group for the Year has worked tirelessly to secure commitment from the IMF on the issue, including raising the issue with G8 leaders at the Gleneagles Summit in July.[4] The IMF's involvement is essential to the success of data collection efforts, as the IMF can require Central Banks to monitor the sector. The new commitment by the Financial Committee sends a clear signal that microfinance must be recognized as a vital part of formal financial sectors around the world.
|
