Statement 1 is correct: The International Monetary and Financial Committee (IMFC) is an advisory body to the Board of Governors of the International Monetary Fund (IMF). Its main role is to discuss and provide guidance on the management and supervision of the international monetary and financial system, including the work program of the IMF. Statement 2 is incorrect: The IMFC consists of 24 members who are IMF Governors (typically ministers of finance or central bank governors). The Executive Board also has 24 members (Executive Directors). While both bodies represent the same constituencies of member countries and have the same number of members, the composition in terms of the specific officials who are members differs significantly (Ministers/Governors vs. Executive Directors). The statement implies a mirror image beyond just the number and constituencies. Statement 3 is correct: The IMFC operates by consensus. Its communiqués are agreed by consensus, and the Chair is also selected by consensus.
Consider the following statements regarding International Monetary and Financial Committee (IMFC). 1. The IMFC advises and reports to the IMF Board of Governors on the supervision and management of the international monetary and financial system. 2. The size and the composition of the IMFC mirrors that of the Executive Board of IMF. 3. The IMFC operates by consensus, including on the selection of its chair. Which of the above statements is/are correct?
Asked in GPSC Prelims CSP 2 2023 · Topic: Balance of Payments (BoP) (Definition and Significance of Balance of Payments (BoP))
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