| With reference to the International Monetary and Financial Committee (IMFC), consider the following statements |
| 1. IMFC discusses matters of concern affecting the global f/ economy, and advises the International Monetary Fund (IMF) 1 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? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither1nor 2
Correct Answer: C
Solution :
Exp. [c] The IMFC was established on 30th September, 1999, by a resolution of the IMF Board of Governors, to replace the Interim Committee of the Board of Governors on the International Monetary System (usually known simply as the Interim Committee), which had been established in 1974. The change signified a strengthening of the role of the primary advisory committee of the Board of Governors. In addition, an explicit provision was introduced for preparatory meetings of representatives (deputies) of Committee members. As the Interim Committee did, the' HDFC usually meets twice a year, in September or October before think-Fund Annual Meetings (see the IMFC Documents and the connmunique from the 2007 Annual Meetings), and in March or. oril at what are referred to as the Spring Meetings. Like the Interim Committee, the IMFC has the responsibility of advising and reporting to the Board of Governors on matters relating to the Board of Governors' functions in supervising the management and adaptation of the international monetary and financial system, including the operation of the adjustment process, and in this connection reviewing developments in global liquidity and the transfer of resources to developing countries; considering proposals by the Executive Board to amend the Articles of Agreement; and dealing with disturbances that might threaten the system.
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