With reference to the International Monetary and Financial Committee IMFC consider the following sta...........

Economic Affairs World Bank and IMF

With reference to the International Monetary and Financial Committee (IMFC), consider the following statements

1. IMFC discusses matters of concern affecting the global economy, and advises the International Monetary Fund (IMF) on the direction of its work.

2. The World Bank participates as observer in IMFC’s meetings.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

None of the above

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Explanation:

Both the statements are correct.
International Monetary and Financial Committee
• The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including on responses to unfolding events that may disrupt the system.
• It also considers proposals by the Executive Board to amend the Articles of Agreement and advises on any other matters that may be referred to it by the Board of Governors.
• Although the IMFC has no formal decision-making powers, in practice, it has become a key instrument for providing strategic direction to the work and policies of the Fund.
• The IMFC usually meets twice a year, at the Bank-Fund Annual and Spring Meetings
• A number of international institutions, including the World Bank, participate as observers in the IMFC’s meetings.