Both statements regarding the International Monetary and Financial Committee (IMFC) are correct. The IMFC plays a crucial role in discussing global economic issues and guiding the International Monetary Fund (IMF) in its policies and strategies, ensuring that the IMF responds effectively to the evolving economic landscape. Additionally, the World Bank attends IMFC meetings as an observer, which reflects the collaborative relationship between these key financial institutions in addressing global economic challenges and promoting international financial stability. This understanding aligns with general knowledge about international economic governance and cooperation, pertinent to UPSC Prelims GS Paper I.