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?

- Statement 1 is correct: The IMFC is a key advisory body to the IMF's Board of Governors. It discusses matters of common concern affecting the global economy and advises the IMF on the direction of its work, including on the evolution of the international monetary and financial system. - Statement 2 is correct: The IMFC consists of 24 members who are Governors of the IMF (usually ministers of finance or central bank governors). The World Bank President typically attends the IMFC meetings as an observer, along with observers from other international bodies like the UN, BIS, OECD, etc.