UPSC CSE Prelims 2016 Q15 — Indian Economy PYQ with Answer

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?