International Monetary and Financial Committee (IMFC) Statements (UPSC CSP 2016, GS Paper I)

1. 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? (UPSC CSP 2016, GS Paper I)