The Economic and Financial Committee (ECOFIN) was formed in 1958 to deal with questions arising from economic growth and development. The committee addresses a broad range of topics, including sustainable development, international trade, economic growth, poverty eradication, and financing for development. It plays a vital role in formulating policies and recommendations to promote global economic stability and equitable development. ECOFIN's goal is to foster international economic cooperation and address economic disparities between nations, ensuring that all countries can benefit from economic progress and sustainable development.