UPSC Prelims 2016 Question 59 of 97

26. With reference to the International Monetary and Financial Committee (IMFC), consider the following:

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?