These initiatives include revamping the legal framework for surveillance to cover spillovers, a greater analysis of risks and financial systems, stepping up assessments of members’ external positions, and responding more promptly to concerns of member countries. All these changes were introduced with input from the G-20, and South Africa, as a member of the G-20, actively participated in these discussions and decisions.
3  The IMF Board of Governors is advised by two ministerial committees: the International Monetary and Financial Committee (IMFC) and the Development Committee. The IMFC has 24 members, drawn from the pool of 187 governors of the IMF. The IMFC discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work.