On 1st December, 2019, Saudi Arabia became the first Arab nation to take over the G20 Presidency. Consider the following statements about the G20:

  1. The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
  2. It was formed in 1999, in the wake of the Asian financial crisis, to unite finance ministers and central bankers from the world’s largest established and emerging economies.

Choose the correct answer from the codes given below:

Only 1
Only 2
Both 1 and 2
Neither 1 nor 2