Q. With reference to International Monetary and Financial Committee(IMFC), consider the following statements;
1.The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction of its work.
2.There is no formal voting at the IMFC which operates by consensus.
Which of the statements given above is/are incorrect?

[A] 1 only

[B] 2 only

[C] .Both 1 and 2

[D] Neither 1 nor 2

Answer: D
Notes:

Both the statements are correct.

IMFC has 24 members drawn from the pool of 190 governors. Its structure mirrors that of the Executive Board and its 24 constituencies. As such, the IMFC represents all the member countries of the Fund.

– The IMFC meets twice a year, during the Spring and Annual Meetings.

– The Committee discusses matters of common concern affecting the global economy and also advises the IMF on the direction of its work.

– At the end of the Meetings, the Committee issues a joint communiqué summarizing its views. These communiqués provide guidance for the IMF’s work program during the six months leading up to the next Spring or Annual Meetings.

– There is no formal voting at the IMFC which operates by consensus.

Source: Union Finance Minister attends the International Monetary and Financial Committee in Washington DC