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?
Answer:
(c)
CA
Statement 1 is correct: The International Monetary and Financial Committee (IMFC) plays a vital advisory role. It discusses key matters of common concern that affect the global economy and officially advises the International Monetary Fund (IMF) Board of Governors on managing and shaping the international monetary system. Statement 2 is correct: While the IMFC has 24 formal members consisting of governors, central bankers, or ministers, it allows specialized international organizations to attend. The World Bank routinely participates as an official observer during the IMFC’s semi-annual meetings